i3 Verticals (NASDAQ:IIIV) Hits New 52-Week High on 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.

i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report) hit a new 52-week high 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. The stock had previously closed at $32.11.

A number of other brokerages have also weighed in on IIIV. Benchmark increased their target price on i3 Verticals from $33.00 to $39.00 and gave the stock a "buy" rating in a research note on Monday. Morgan Stanley increased their target price on i3 Verticals from $25.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Finally, Stephens reiterated 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. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Hedge Funds Weigh In On i3 Verticals

A number of hedge funds have recently added to or reduced their stakes in IIIV. Elevation Point Wealth Partners LLC bought a new position in shares of i3 Verticals in the 2nd quarter valued at $26,000. NBC Securities Inc. increased 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 valued at $27,000 after purchasing an additional 1,125 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of i3 Verticals by 2,744.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock valued at $51,000 after purchasing an additional 1,976 shares during the last quarter. Johnson Financial Group Inc. bought a new position in shares of i3 Verticals in the 4th quarter valued at $72,000. Finally, Harbor Asset Planning Inc. bought a new position in shares of i3 Verticals in the 2nd quarter valued at $110,000. Institutional investors own 84.22% of the company's stock.

i3 Verticals Trading Up 2.6%

The company has a 50 day moving average price of $27.61 and a 200-day moving average price of $26.20. The company has a market cap of $1.09 billion, a P/E ratio of 6.31 and a beta of 1.32.

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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