Millennium Management LLC Cuts Stock Holdings in i3 Verticals, Inc. (NASDAQ:IIIV)

Millennium Management LLC reduced its stake in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 90.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,473 shares of the company's stock after selling 546,633 shares during the period. Millennium Management LLC owned 0.17% of i3 Verticals worth $1,301,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of IIIV. Barclays PLC raised its stake in i3 Verticals by 112.3% in the third quarter. Barclays PLC now owns 41,036 shares of the company's stock worth $873,000 after buying an additional 21,709 shares in the last quarter. SG Americas Securities LLC grew its holdings in i3 Verticals by 62.4% in the fourth quarter. SG Americas Securities LLC now owns 8,646 shares of the company's stock worth $199,000 after purchasing an additional 3,323 shares during the period. Equitable Trust Co. purchased a new stake in i3 Verticals in the fourth quarter worth about $746,000. Legato Capital Management LLC purchased a new stake in i3 Verticals in the fourth quarter worth about $4,233,000. Finally, New York State Common Retirement Fund grew its holdings in i3 Verticals by 1,855.9% in the fourth quarter. New York State Common Retirement Fund now owns 175,833 shares of the company's stock worth $4,051,000 after purchasing an additional 166,843 shares during the period. 84.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. BMO Capital Markets upped their price objective on shares of i3 Verticals from $22.00 to $26.00 and gave the stock a "market perform" rating in a report on Monday, February 10th. DA Davidson upped their price objective on shares of i3 Verticals from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Monday, February 10th. KeyCorp upped their price objective on shares of i3 Verticals from $27.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday, February 10th. Finally, Morgan Stanley cut their price objective on shares of i3 Verticals from $27.00 to $25.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $29.57.

Insiders Place Their Bets

In other news, Director John C. Harrison sold 78,597 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 transaction of $1,949,991.57. Following the sale, the director now directly owns 3,876 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Geoffrey C. Smith sold 8,404 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $26.56, for a total transaction of $223,210.24. Following the sale, the chief financial officer now owns 55,000 shares in the company, valued at $1,460,800. The trade was a 13.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 377,261 shares of company stock worth $9,374,552. Company insiders own 59.07% of the company's stock.

i3 Verticals Stock Performance

Shares of NASDAQ:IIIV traded down $0.03 during trading on Friday, reaching $24.83. 405,118 shares of the stock traded hands, compared to its average volume of 246,782. i3 Verticals, Inc. has a 52-week low of $18.85 and a 52-week high of $29.80. The stock has a market cap of $824.78 million, a P/E ratio of 5.53 and a beta of 1.22. The stock has a 50-day moving average of $25.02 and a two-hundred day moving average of $24.87.

i3 Verticals Company 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.