i3 Verticals (NASDAQ:IIIV) Hits New 52-Week High - Here's Why

Key Points

• i3 Verticals' stock reached a new 52-week high of $33.75 on Friday, with a last trading price of $33.38 and a volume of 150,532 shares.
• Analysts have varied opinions on the stock, with ratings ranging from a "strong sell" by Zacks to several buy ratings and price targets as high as $40 from Stephens.
• Insider trading activity showed significant sales, with General Counsel Paul Maple selling 2,500 shares, leading to a 6.99% decrease in ownership, while hedge funds hold approximately 84.22% of the company's stock.

Shares of i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $33.75 and last traded at $33.38, with a volume of 150532 shares traded. The stock had previously closed at $31.91.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Zacks Research lowered shares of i3 Verticals from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 1st. Weiss Ratings restated a "buy (b-)" rating on shares of i3 Verticals in a research note on Wednesday, October 8th. DA Davidson upped their target price on shares of i3 Verticals from $34.00 to $39.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Morgan Stanley upped their target price on shares of i3 Verticals from $25.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Finally, Stephens upped their price target on i3 Verticals from $35.00 to $40.00 and gave the company an "overweight" rating in a report on Monday, August 11th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $34.33.

i3 Verticals Trading Up 3.5%

The firm's fifty day moving average price is $31.41 and its 200-day moving average price is $28.19. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 6.33 and a beta of 1.28.

Insider Transactions at i3 Verticals

In other news, General Counsel Paul Maple sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $31.04, for a total transaction of $77,600.00. Following the transaction, the general counsel directly owned 33,269 shares in the company, valued at approximately $1,032,669.76. This trade represents a 6.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Paul Christians sold 1,890 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $31.40, for a total transaction of $59,346.00. Following the transaction, the executive owned 43,110 shares in the company, valued at approximately $1,353,654. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,272 shares of company stock worth $355,862. Insiders own 59.07% of the company's stock.

Hedge Funds Weigh In On i3 Verticals

Hedge funds have recently modified their holdings of the business. Elevation Point Wealth Partners LLC purchased a new position in shares of i3 Verticals during the second quarter worth approximately $26,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of i3 Verticals by 2,744.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock worth $51,000 after purchasing an additional 1,976 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of i3 Verticals by 65.5% during the second quarter. BNP Paribas Financial Markets now owns 2,198 shares of the company's stock worth $60,000 after purchasing an additional 870 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of i3 Verticals by 229.9% during the second quarter. Tower Research Capital LLC TRC now owns 2,220 shares of the company's stock worth $61,000 after purchasing an additional 1,547 shares during the period. Finally, Harbor Asset Planning Inc. acquired a new stake in shares of i3 Verticals during the second quarter worth $110,000. 84.22% of the stock is currently owned by hedge funds and other institutional investors.

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.

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