Harbor Capital Advisors Inc. Invests $6.71 Million in i3 Verticals, Inc. (NASDAQ:IIIV)

Harbor Capital Advisors Inc. purchased a new position in shares of i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 272,044 shares of the company's stock, valued at approximately $6,711,000. Harbor Capital Advisors Inc. owned about 0.82% of i3 Verticals as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in i3 Verticals by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 1,325,690 shares of the company's stock worth $30,544,000 after acquiring an additional 19,342 shares during the last quarter. Long Path Partners LP boosted its position in i3 Verticals by 5.0% during the 4th quarter. Long Path Partners LP now owns 979,777 shares of the company's stock worth $22,574,000 after acquiring an additional 46,679 shares during the last quarter. AltraVue Capital LLC acquired a new position in i3 Verticals during the 4th quarter worth approximately $20,993,000. Forager Capital Management LLC acquired a new position in i3 Verticals during the 4th quarter worth approximately $17,626,000. Finally, Portolan Capital Management LLC boosted its position in i3 Verticals by 3.5% during the 4th quarter. Portolan Capital Management LLC now owns 676,135 shares of the company's stock worth $15,578,000 after acquiring an additional 23,063 shares during the last quarter. Institutional investors and hedge funds own 84.22% of the company's stock.

Insider Buying and Selling at i3 Verticals

In other i3 Verticals news, Director John C. Harrison sold 78,597 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $24.81, for a total transaction of $1,949,991.57. Following the completion of the sale, the director now owns 3,876 shares of the company's stock, valued at $96,163.56. This trade represents a 95.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David M. Wilds sold 218,400 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $24.81, for a total value of $5,418,504.00. Following the sale, the director now directly owns 260,657 shares of the company's stock, valued at $6,466,900.17. This represents a 45.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 377,261 shares of company stock valued at $9,374,552 in the last quarter. 59.07% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley cut their price objective on i3 Verticals from $27.00 to $25.00 and set an "equal weight" rating for the company in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $29.57.

i3 Verticals Stock Down 1.8%

Shares of NASDAQ IIIV traded down $0.44 during trading hours on Thursday, hitting $24.32. The company had a trading volume of 335,396 shares, compared to its average volume of 247,299. The stock has a market capitalization of $807.84 million, a P/E ratio of 5.42 and a beta of 1.22. i3 Verticals, Inc. has a 1-year low of $19.15 and a 1-year high of $29.80. The firm's 50 day moving average is $25.07 and its 200-day moving average is $24.88.

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.