Stock Story -
What Happened?
Shares of online payroll and human resource software provider Paycor (NASDAQ:PYCR) jumped 26.1% in the morning session after Bloomberg reported that Paychex (NASDAQ:PAYX), a competitor, is in discussions to acquire the company (Paycor). Sources indicate that negotiations are ongoing, and a deal has not yet been finalized.The shares closed the day at $22.85, up 23.2% from previous close.
Is now the time to buy Paycor? Find out by reading the original article on StockStory, it’s free.
What The Market Is Telling Us
Paycor’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. Moves this big are rare for Paycor and indicate this news significantly impacted the market’s perception of the business.The biggest move we wrote about over the last year was 5 months ago when the stock gained 8.2% on the news that the company reported strong second-quarter earnings results. Paycor beat analysts' revenue expectations. Adjusted operating income also beat and by a large amount and showed an impressive year-on-year margin increase. This signals profitable growth on Paycor's part. On the other hand, its full-year revenue guidance was below expectations, but the market seemed to focus on the positives.
Paycor is up 27% since the beginning of the year, and at $23.30 per share, has set a new 52-week high. Investors who bought $1,000 worth of Paycor’s shares at the IPO in July 2021 would now be looking at an investment worth $894.43.