Black Diamond Financial LLC Acquires 284,499 Shares of EverCommerce Inc. $EVCM

Key Points

• Black Diamond Financial acquired 284,499 EverCommerce shares worth approximately $2.46 million in the third quarter, while institutional investors collectively owned 97.91% of the stock.
• EverCommerce reported quarterly EPS of $0.05, missing the $0.15 consensus estimate, although revenue increased 2.7% year over year to $152.02 million.
• Analyst sentiment remains mixed, with an overall “Hold” rating and a consensus price target of $11.00 versus the stock’s reported $9.40 price.

Black Diamond Financial LLC bought a new position in EverCommerce Inc. (NASDAQ:EVCM - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The firm bought 284,499 shares of the company's stock, valued at approximately $2,464,000. Black Diamond Financial LLC owned 0.16% of EverCommerce at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Engineers Gate Manager LP lifted its stake in shares of EverCommerce by 16.7% in the 2nd quarter. Engineers Gate Manager LP now owns 20,821 shares of the company's stock valued at $209,000 after purchasing an additional 2,982 shares during the period. Bank of America Corp DE bought a new stake in shares of EverCommerce during the second quarter valued at approximately $125,000. BlackRock Inc. purchased a new stake in EverCommerce in the second quarter worth $10,724,000. Deutsche Bank AG purchased a new stake in EverCommerce in the second quarter worth $144,000. Finally, Bank of New York Mellon Corp bought a new position in EverCommerce in the second quarter worth $324,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Eric Remer sold 47,353 shares of EverCommerce stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $8.24, for a total value of $390,188.72. Following the completion of the sale, the director directly owned 5,022,792 shares in the company, valued at $41,387,806.08. The trade was a 0.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 475,527 shares of company stock valued at $4,587,256. 10.10% of the stock is currently owned by insiders.

EverCommerce Stock Down 3.1%

NASDAQ:EVCM opened at $9.40 on Wednesday. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 52.22 and a beta of 0.75. The company's 50 day moving average price is $8.69 and its 200-day moving average price is $10.38. EverCommerce Inc. has a 52 week low of $6.21 and a 52 week high of $14.41.

EverCommerce (NASDAQ:EVCM - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.10). The company had revenue of $152.02 million during the quarter, compared to analyst estimates of $152.29 million. During the same quarter in the previous year, the business earned $0.04 earnings per share. The company's quarterly revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that EverCommerce Inc. will post 0.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

EVCM has been the subject of several research reports. Wall Street Zen lowered shares of EverCommerce from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 26th. Weiss Ratings raised shares of EverCommerce from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, September 24th. Barclays upped their price objective on shares of EverCommerce from $8.50 to $10.00 and gave the stock an "underweight" rating in a report on Thursday, August 6th. Finally, Royal Bank Of Canada decreased their target price on shares of EverCommerce from $11.00 to $10.00 and set a "sector perform" rating for the company in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, EverCommerce has an average rating of "Hold" and a consensus target price of $11.00.

EverCommerce Profile

EverCommerce, Inc is a software and technology company that provides integrated, cloud-based solutions for service-oriented small and midsize businesses. Its platforms are designed to help businesses manage operations, customer relationships, payments, marketing and other administrative functions through specialized applications tailored to specific industries.

The company serves a broad range of vertical markets, including home and field services, health and wellness, fitness, education, professional services and other appointment- or membership-based businesses.

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