i3 Verticals (NASDAQ:IIIV) Reaches New 12-Month High After Analyst Upgrade

Key Points

• i3 Verticals reached a new 52-week high after DA Davidson raised its price target from $34.00 to $39.00, maintaining a buy rating on the stock.
• Benchmark and Morgan Stanley also increased their target prices for i3 Verticals, with Benchmark setting it at $39.00 and Morgan Stanley at $30.00, indicating strong analyst support.
• Institutional investors own 84.22% of i3 Verticals' shares, highlighting significant interest from hedge funds in the company's stock.

Shares of i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report) hit a new 52-week high during mid-day trading on Thursday after DA Davidson raised their price target on the stock from $34.00 to $39.00. DA Davidson currently has a buy rating on the stock. i3 Verticals traded as high as $33.44 and last traded at $32.95, with a volume of 364052 shares trading hands. The stock had previously closed at $32.11.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley set a $30.00 price objective on shares of i3 Verticals and gave the company an "equal weight" rating in a research report on Tuesday, August 12th. Stephens reissued 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, August 11th. Finally, Benchmark reissued a "buy" rating and set a $39.00 price target (up from $33.00) on shares of i3 Verticals in a research report on Monday, August 11th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $34.33.

Insider Buying and Selling

In related news, Director Timothy Mckenna sold 6,882 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $31.81, for a total value of $218,916.42. Following the transaction, the director owned 3,876 shares in the company, valued at approximately $123,295.56. This represents a 63.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 59.07% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IIIV. Forager Capital Management LLC acquired a new position in i3 Verticals in the 4th quarter valued at about $17,626,000. Punch & Associates Investment Management Inc. bought a new stake in shares of i3 Verticals in the first quarter valued at approximately $11,207,000. T. Rowe Price Investment Management Inc. bought a new stake in shares of i3 Verticals in the first quarter valued at approximately $10,018,000. Wasatch Advisors LP bought a new stake in shares of i3 Verticals in the second quarter valued at approximately $8,271,000. Finally, Visualize Group LP bought a new stake in shares of i3 Verticals in the first quarter valued at approximately $7,013,000. Institutional investors and hedge funds own 84.22% of the company's stock.

i3 Verticals Stock Up 0.8%

The firm has a market capitalization of $1.02 billion, a P/E ratio of 6.06 and a beta of 1.32. The firm has a 50 day moving average of $27.88 and a 200-day moving average of $26.30.

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.