Why PagSeguro Digital Ltd. (PAGS) Went Up On Wednesday?

We recently published a list of Pulse of the Market: Wednesday’s 10 Top Performers. In this article, we are going to take a look at where PagSeguro Digital Ltd. (NYSE:PAGS) stands against other Wednesday’s top performers.

The stock market regained momentum on Wednesday, with all main indices ending in the green, as investors cheered the Federal Reserve’s decision to keep interest rates unchanged.

The tech-heavy Nasdaq led the gains, rallying 1.41 percent, followed by the S&P 500 with a 1.08 percent gain, and the Dow Jones, by 0.92 percent.

Optimism spilled over into companies, with 10 particularly leading the charge. In this article, we have identified Wednesday’s 10 best performers and detailed the reasons behind their gains.

To come up with the list, we considered only the companies with a $2-billion market capitalization and $5 million in trading volume.

A businessperson standing in front of a brick-and-mortar establishment using a tablet to process an in-person payment.

PagSeguro Digital Ltd. (NYSE:PAGS)

PagSeguro Digital saw its share prices grow by 7.98 percent on Wednesday to finish at $8.52 apiece as investors gobbled up shares buoyed by a consistent positive outlook for the company.

PAGS, a financial technology firm, currently carries a “strong buy” rating from Zacks Research and consistently earns bullish outlooks from other analysts.

According to Zacks, PAGS carries a #1 rank on its list and the Zacks Consensus Estimate for its current year earnings has increased by 5.9 percent over the last 60 days.

Moreover, analysts assigned PAGS a consensus “moderate buy” rating.

PAGS is a financial technology services company based in Brazil. It offers payment processing software for e-commerce websites, mobile applications, point-of-sale terminals, and payment terminals.

Overall, PAGS ranks 8th on our list of Wednesday’s top performers. While we acknowledge the potential of PAGS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as PAGS but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

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