DA Davidson Forecasts Strong Price Appreciation for i3 Verticals (NASDAQ:IIIV) Stock

Key Points

• DA Davidson has raised its price target for i3 Verticals (NASDAQ: IIIV) from $34 to $39, indicating a potential upside of 17.40% from the stock's previous close and maintaining a "buy" rating.
• Benchmark and Stephens also lifted their target prices for i3 Verticals to $39 and $40 respectively, with a consensus rating of "Moderate Buy" among analysts.
• The stock has experienced a significant rise, trading at $33.22 with a market capitalization of $1.10 billion, as well as a PE ratio of 6.36.

i3 Verticals (NASDAQ:IIIV - Get Free Report) had its target price raised by equities research analysts at DA Davidson from $34.00 to $39.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. DA Davidson's target price would suggest a potential upside of 24.36% from the company's previous close.

Other analysts have also recently issued reports about the stock. Stephens reaffirmed an "overweight" rating and issued a $40.00 price target (up from $35.00) on shares of i3 Verticals in a report on Monday, August 11th. Morgan Stanley set a $30.00 price target on shares of i3 Verticals and gave the company an "equal weight" rating in a report on Tuesday. Finally, Benchmark reaffirmed a "buy" rating and issued a $39.00 price target (up from $33.00) on shares of i3 Verticals in a report on Monday, August 11th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, i3 Verticals presently has a consensus rating of "Moderate Buy" and an average price target of $34.33.

i3 Verticals Stock Performance

Shares of IIIV stock traded down $0.58 on Wednesday, hitting $31.36. The stock had a trading volume of 299,758 shares, compared to its average volume of 289,357. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 6.01 and a beta of 1.32. The stock's 50 day moving average is $27.88 and its 200-day moving average is $26.29. i3 Verticals has a 52-week low of $20.42 and a 52-week high of $33.44.

Insider Buying and Selling

In other news, Director Timothy Mckenna sold 6,882 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $31.81, for a total value of $218,916.42. Following the sale, the director owned 3,876 shares in the company, valued at approximately $123,295.56. This trade represents a 63.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 59.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On i3 Verticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Elevation Point Wealth Partners LLC bought a new position in i3 Verticals in the second quarter worth $26,000. NBC Securities Inc. lifted its position in i3 Verticals by 112,500.0% in the first quarter. NBC Securities Inc. now owns 1,126 shares of the company's stock worth $27,000 after purchasing an additional 1,125 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in i3 Verticals by 2,744.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock worth $51,000 after purchasing an additional 1,976 shares during the period. BNP Paribas Financial Markets lifted its position in i3 Verticals by 65.5% in the second quarter. BNP Paribas Financial Markets now owns 2,198 shares of the company's stock worth $60,000 after purchasing an additional 870 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of i3 Verticals by 229.9% during the second quarter. Tower Research Capital LLC TRC now owns 2,220 shares of the company's stock valued at $61,000 after acquiring an additional 1,547 shares during the period. Institutional investors and hedge funds own 84.22% of the company's stock.

About i3 Verticals

i3 Verticals, Inc provides integrated payment and software solutions primarily to the public sector and healthcare markets in the United States. It operates in two segments, Software and Services, and Merchant Services. The company offers payment processing services that enables upper and lower court case management, collections, finance and accounting, motor vehicle and carrier registration, e-filing and taxation, license plate inventory, property tax management, utility billing, professional licensing, document workflow, and law enforcement software; assists public schools in completing payment processing functions, including accepting payments for online or at school lunches, and school activities.