i3 Verticals (NASDAQ:IIIV) Reaches New 12-Month High - What's Next?

Key Points

• i3 Verticals (NASDAQ:IIIV) shares hit a new 12-month high at $33.59, finishing the day at $33.15 with a trading volume of 69,797 shares.
• Several analyst upgrades have occurred, with Benchmark and Stephens raising their price targets to $39.00 and $40.00 respectively, while Zacks downgraded the stock to a "strong sell."
• Insider activity included the sale of 2,500 shares by General Counsel Paul Maple and 1,890 shares by CRO Paul Christians, indicating potential changes in insider confidence.

i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $33.59 and last traded at $33.15, with a volume of 69797 shares trading hands. The stock had previously closed at $33.04.

Analyst Ratings Changes

IIIV has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of i3 Verticals from $25.00 to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 12th. Benchmark reiterated a "buy" rating and issued a $39.00 price objective (up previously from $33.00) on shares of i3 Verticals in a research report on Monday, August 11th. Stephens lifted their price objective on i3 Verticals from $35.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, August 11th. Zacks Research cut i3 Verticals from a "hold" rating to a "strong sell" rating in a research report on Wednesday, October 1st. Finally, DA Davidson increased their price objective on shares of i3 Verticals from $34.00 to $39.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, i3 Verticals currently has a consensus rating of "Moderate Buy" and an average target price of $34.33.

i3 Verticals Stock Performance

The business's 50-day moving average is $30.92 and its two-hundred day moving average is $27.61. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 6.31 and a beta of 1.28.

Insider Buying and Selling

In other i3 Verticals news, General Counsel Paul Maple sold 2,500 shares of i3 Verticals stock in a transaction dated Thursday, September 11th. The stock was 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. The trade was a 6.99% decrease in their ownership of the stock. The transaction 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 stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $31.40, for a total value of $59,346.00. Following the completion of the sale, the executive owned 43,110 shares of the company's stock, valued at $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. In the last quarter, insiders have sold 11,272 shares of company stock valued at $355,862. 59.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On i3 Verticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its position in i3 Verticals by 4.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,619 shares of the company's stock worth $237,000 after buying an additional 402 shares in the last quarter. Rhumbline Advisers grew its stake in i3 Verticals by 2.2% in the first quarter. Rhumbline Advisers now owns 36,331 shares of the company's stock valued at $896,000 after purchasing an additional 786 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of i3 Verticals by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,926 shares of the company's stock worth $196,000 after purchasing an additional 796 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of i3 Verticals by 65.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,198 shares of the company's stock valued at $60,000 after buying an additional 870 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of i3 Verticals in the second quarter valued at $26,000. 84.22% of the stock is currently owned by institutional investors and hedge funds.

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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