i3 Verticals (NASDAQ:IIIV) Hits New 12-Month High - Here's What Happened

Key Points

• i3 Verticals, Inc. (NASDAQ: IIIV) achieved a new 52-week high of $31.77, closing at $31.36 with a trading volume of 50,026 shares.
• Brokerage ratings for i3 Verticals are mixed; Morgan Stanley has a target price of $25, while Benchmark set a higher target of $33, with a consensus rating of "Moderate Buy."
• Insiders sold a substantial amount of shares recently, with Director John C. Harrison selling 78,597 shares and CFO Geoffrey C. Smith selling 8,404 shares, indicating a potential drop in confidence among key executives.

Shares of i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $31.77 and last traded at $31.36, with a volume of 50026 shares trading hands. The stock had previously closed at $28.50.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IIIV. Stephens restated an "overweight" rating and set a $40.00 target price (up previously from $35.00) on shares of i3 Verticals in a research note on Monday. Benchmark restated a "buy" rating and set a $39.00 target price (up previously from $33.00) on shares of i3 Verticals in a research note on Monday. Finally, Morgan Stanley set a $30.00 target price on shares of i3 Verticals and gave the company an "equal weight" rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.71.

i3 Verticals Stock Performance

The firm has a market cap of $1.07 billion, a PE ratio of 6.15 and a beta of 1.32. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.02. The firm's 50 day simple moving average is $27.31 and its 200 day simple moving average is $26.11.

Insider Buying and Selling

In other i3 Verticals news, CFO Geoffrey C. Smith sold 8,404 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $26.56, for a total value of $223,210.24. Following the sale, the chief financial officer owned 55,000 shares in the company, valued at $1,460,800. The trade was a 13.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 59.07% of the stock is currently owned by insiders.

Institutional Trading of i3 Verticals

Hedge funds have recently bought and sold shares of the stock. NBC Securities Inc. grew its stake in shares of i3 Verticals by 112,500.0% in the 1st quarter. NBC Securities Inc. now owns 1,126 shares of the company's stock worth $27,000 after buying an additional 1,125 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of i3 Verticals by 2,744.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock valued at $51,000 after buying an additional 1,976 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of i3 Verticals during the 4th quarter valued at about $72,000. Harbor Asset Planning Inc. purchased a new stake in shares of i3 Verticals during the 2nd quarter valued at about $110,000. Finally, PNC Financial Services Group Inc. raised its position in shares of i3 Verticals by 128.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,523 shares of the company's stock valued at $124,000 after buying an additional 2,547 shares in the last quarter. Hedge funds and other institutional investors own 84.22% of the company's stock.

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.