i3 Verticals, Inc. (NASDAQ:IIIV) Director Timothy Mckenna Sells 6,882 Shares

Key Points

• Timothy Mckenna, a director at i3 Verticals, Inc., sold 6,882 shares of the company’s stock at an average price of $31.81, which led to a 63.97% decrease in his holdings.
• i3 Verticals' stock experienced a 3.1% decline in value to $31.94, with recent trading volumes lower than the average.
• Several equities research analysts have raised their price targets for i3 Verticals, with a consensus rating of "Moderate Buy" and an average target price of $34.33.

i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report) Director Timothy Mckenna sold 6,882 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $31.81, for a total value of $218,916.42. Following the completion of the sale, the director directly owned 3,876 shares of the company's stock, valued at $123,295.56. The trade was a 63.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

i3 Verticals Stock Down 3.1%

NASDAQ IIIV traded down $1.01 on Thursday, reaching $31.94. 215,473 shares of the stock traded hands, compared to its average volume of 301,317. The firm's fifty day simple moving average is $27.61 and its 200 day simple moving average is $26.20. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 6.12 and a beta of 1.32. i3 Verticals, Inc. has a 12 month low of $20.42 and a 12 month high of $33.44.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Morgan Stanley set a $30.00 target price on i3 Verticals and gave the stock an "equal weight" rating in a research report on Tuesday. Benchmark reaffirmed a "buy" rating and set a $39.00 target price (up previously from $33.00) on shares of i3 Verticals in a report on Monday. Stephens reiterated an "overweight" rating and set a $40.00 price target (up from $35.00) on shares of i3 Verticals in a research report on Monday. Finally, DA Davidson raised their target price on i3 Verticals from $34.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.33.

Hedge Funds Weigh In On i3 Verticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its holdings in shares of i3 Verticals by 4.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,619 shares of the company's stock worth $237,000 after purchasing an additional 402 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of i3 Verticals by 0.5% in the 4th quarter. Gamco Investors INC. ET AL now owns 92,516 shares of the company's stock worth $2,132,000 after purchasing an additional 475 shares in the last quarter. Invesco Ltd. grew its holdings in shares of i3 Verticals by 2.6% in the 4th quarter. Invesco Ltd. now owns 25,292 shares of the company's stock worth $583,000 after acquiring an additional 649 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of i3 Verticals by 2.2% in the 1st quarter. Rhumbline Advisers now owns 36,331 shares of the company's stock worth $896,000 after acquiring an additional 786 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of i3 Verticals by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,926 shares of the company's stock worth $196,000 after acquiring an additional 796 shares during the last quarter. 84.22% of the stock is owned by institutional investors.

About i3 Verticals

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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