Shares of Online payroll and human resource software provider Paycor (NASDAQ:PYCR) fell 5.04% in the morning session after William Blair's analyst initiated coverage on the stock with a Market Perform (Hold) rating. The analyst did not provide a price target.
What is the market telling us:
Paycor's shares are quite volatile and over the last year have had 29 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Paycor is up 1.65% since the beginning of the year, but at $24.6 per share it is still trading 25.9% below its 52-week high of $33.2 from October 2022. Investors who bought $1,000 worth of Paycor's shares at the IPO in July 2021 would now be looking at an investment worth $943.19.
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