Dayforce down after Blue Orca Capital takes short position

Dayforce

04/04/2024 15:52

** Shares of payroll management services provider Dayforce
 DAY.N  down 1.1% at $63.90 in early trading
    ** Short-seller Blue Orca Capital takes short position in
Dayforce, says DAY manipulates key profitability metrics and
misleads investors
    ** Dayforce, formerly known as Ceridian HCM Holding, did not
immediately respond to a Reuters request for comment
    ** Short-seller alleges DAY is a "governance mess beset by
absurd executive pay packages, misleading non-GAAP metrics" 
    ** Adds DAY's proportion of professional service revenues is
"inexplicably increasing" despite a pivot towards outsourcing
more than 50% of onboarding to third-party systems integrators
    ** Up to last close, stock down ~4% YTD 

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))