Harbor Capital Advisors Inc. Grows Position in i3 Verticals, Inc. $IIIV

Key Points

• Harbor Capital Advisors Inc. significantly increased its stake in i3 Verticals, Inc. by 67.2% during Q2, owning 454,743 shares valued at approximately $12.5 million.
• Several large investors, including Northern Trust Corp and Bank of America, also raised their positions, with institutional ownership of i3 Verticals now at 84.22%.
• Wall Street analysts are optimistic about i3 Verticals, with multiple firms raising price targets and a consensus rating of "Moderate Buy", averaging a price target of $34.33.

Harbor Capital Advisors Inc. increased its stake in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 67.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 454,743 shares of the company's stock after purchasing an additional 182,699 shares during the period. Harbor Capital Advisors Inc. owned 1.37% of i3 Verticals worth $12,496,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in IIIV. Mirae Asset Global Investments Co. Ltd. lifted its stake in i3 Verticals by 2,744.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock valued at $51,000 after purchasing an additional 1,976 shares during the last quarter. Avantax Advisory Services Inc. lifted its holdings in i3 Verticals by 8.5% in the first quarter. Avantax Advisory Services Inc. now owns 17,473 shares of the company's stock valued at $431,000 after buying an additional 1,368 shares during the period. Squarepoint Ops LLC bought a new stake in shares of i3 Verticals during the fourth quarter worth about $294,000. NBC Securities Inc. boosted its stake in i3 Verticals by 112,500.0% in the first quarter. NBC Securities Inc. now owns 1,126 shares of the company's stock valued at $27,000 after acquiring an additional 1,125 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of i3 Verticals by 2.2% during the 1st quarter. Rhumbline Advisers now owns 36,331 shares of the company's stock valued at $896,000 after purchasing an additional 786 shares in the last quarter. Institutional investors own 84.22% of the company's stock.

Insider Transactions at i3 Verticals

In other news, CRO Paul Christians sold 1,890 shares of i3 Verticals stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $31.40, for a total transaction of $59,346.00. Following the sale, the executive owned 43,110 shares of the company's stock, valued at approximately $1,353,654. The trade was a 4.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Paul Maple sold 2,500 shares of the business's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $31.04, for a total transaction of $77,600.00. Following the completion of the sale, the general counsel directly owned 33,269 shares of the company's stock, valued at approximately $1,032,669.76. This trade represents a 6.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,272 shares of company stock valued at $355,862. 59.07% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IIIV. Stephens raised their price objective on shares of i3 Verticals from $35.00 to $40.00 and gave the company an "overweight" rating in a research note on Monday, August 11th. 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. DA Davidson boosted their price target on shares of i3 Verticals from $34.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Finally, Morgan Stanley boosted their price target on shares of i3 Verticals from $25.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, i3 Verticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

i3 Verticals Stock Down 0.3%

Shares of IIIV stock traded down $0.11 on Friday, reaching $32.07. The company's stock had a trading volume of 582,168 shares, compared to its average volume of 181,123. The company has a market capitalization of $1.03 billion, a P/E ratio of 6.14 and a beta of 1.30. i3 Verticals, Inc. has a 12-month low of $20.42 and a 12-month high of $33.44. The stock's 50 day simple moving average is $30.14 and its 200-day simple moving average is $26.96.

i3 Verticals Profile

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.