Here’s Why Paycor HCM Inc. (PYCR) Led This Week’s Rally

We recently published an article titled These 10 Firms Led This Week’s Rally. In this article, we are going to take a look at where Paycor HCM Inc. (NASDAQ:PYCR) stands against the other stocks.

Ten companies finished stronger this week, outpacing the broader market thanks to a series of catalysts that lifted investor sentiment.

On Friday, the Dow Jones recorded its largest weekly drop, falling 1.07%, while the S&P’s main index and Nasdaq declined by 0.71% and 0.62%, respectively.

Despite a lackluster performance from Wall Street’s major indices, 10 companies demonstrated notable resilience. In this article, we will look at their past week’s performance and the reasons that fueled their rally.

To come up with this week’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A close-up of a server running a cloud-native platform, symbolizing the power of the software-as-a-service (SaaS) business area.

Paycor HCM Inc. (NASDAQ:PYCR)

Despite ending in the red territory last Friday versus Wednesday’s trading, shares of Paycor HCM Inc. (NASDAQ:PYCR) remained strong in week-on-week comparison, closing higher by 20.58 percent at $22.15 from its $18.37 finish the week prior.

Traders loaded up shares in the company after announcements that it was set to be acquired by its larger rival, Paychex.

Citing experts privy to the matter, reports said that a deal may be officially announced soon.

Should the acquisition plan push through, it would become the largest deal from New York-based Paychex to date.

Paycor (NASDAQ:PYCR) is a software company offering human resources and payroll solutions for small and midsize businesses.

Meanwhile, Paychex offers human resources, employee benefits, insurance, and payroll services to more than 745,000 customers in the US and Europe.

Overall PYCR ranks 5th on our list of the firms that led this week’s rally. While we acknowledge the potential of PYCR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than PYCR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.