Punch & Associates Investment Management Inc. Invests $11.21 Million in i3 Verticals, Inc. $IIIV

Key Points

• Punch & Associates Investment Management Inc. has invested approximately $11.21 million in i3 Verticals, acquiring 454,272 shares during the first quarter, representing about 1.37% ownership of the company.
• Multiple analysts have recently upgraded their price targets of i3 Verticals, with estimates ranging from $30.00 to $40.00, and a consensus rating of "Moderate Buy" based on recent reports.
• The stock has shown significant institutional interest, with 84.22% of shares currently owned by institutional investors.

Punch & Associates Investment Management Inc. purchased a new position in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 454,272 shares of the company's stock, valued at approximately $11,207,000. Punch & Associates Investment Management Inc. owned about 1.37% of i3 Verticals at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new position in i3 Verticals during the 1st quarter worth about $209,000. Visualize Group LP bought a new position in i3 Verticals during the 1st quarter worth about $5,289,000. Royal Bank of Canada grew its holdings in i3 Verticals by 31.4% during the 1st quarter. Royal Bank of Canada now owns 57,505 shares of the company's stock worth $1,419,000 after acquiring an additional 13,729 shares in the last quarter. Long Path Partners LP grew its holdings in i3 Verticals by 1.9% during the 1st quarter. Long Path Partners LP now owns 997,996 shares of the company's stock worth $24,621,000 after acquiring an additional 18,219 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new position in i3 Verticals during the 1st quarter worth about $10,018,000. 84.22% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

IIIV has been the topic of several recent research reports. Stephens increased their target price on shares of i3 Verticals from $35.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, August 11th. Benchmark restated a "buy" rating and set a $39.00 price objective (up from $33.00) on shares of i3 Verticals in a research note on Monday, August 11th. DA Davidson upped their price objective on i3 Verticals from $34.00 to $39.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Finally, Morgan Stanley upped their price objective on 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 research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $34.33.

i3 Verticals Stock Performance

NASDAQ:IIIV opened at $30.58 on Friday. i3 Verticals, Inc. has a fifty-two week low of $20.42 and a fifty-two week high of $33.44. The stock has a market capitalization of $986.51 million, a P/E ratio of 5.86 and a beta of 1.30. The company's 50-day simple moving average is $29.66 and its 200-day simple moving average is $26.66.

Insider Activity at i3 Verticals

In related news, Director Timothy Mckenna sold 6,882 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 3,876 shares of the company's stock, valued at $123,295.56. This trade represents a 63.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Paul Christians sold 1,890 shares of the 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 completion of the transaction, the executive directly owned 43,110 shares of the company's stock, valued at $1,353,654. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 59.07% of the company's stock.

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.

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