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

Shares of i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $30.05 and last traded at $29.91, with a volume of 48289 shares trading hands. The stock had previously closed at $29.61.

Analyst Ratings Changes

Several brokerages recently weighed in on IIIV. Benchmark reissued a "buy" rating and issued a $33.00 target price on shares of i3 Verticals in a research note on Monday, June 16th. Morgan Stanley dropped their price objective on shares of i3 Verticals from $27.00 to $25.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, i3 Verticals has an average rating of "Moderate Buy" and a consensus price target of $29.57.

i3 Verticals Stock Down 2.3%

The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market cap of $961.39 million, a PE ratio of 6.58 and a beta of 1.24. The stock has a fifty day moving average price of $25.88 and a 200-day moving average price of $25.31.

Insider Transactions at i3 Verticals

In other news, Director Robert Burton Harvey sold 71,860 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $24.81, for a total transaction of $1,782,846.60. Following the completion of the sale, the director owned 11,285 shares in the company, valued at approximately $279,980.85. The trade was a 86.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Geoffrey C. Smith sold 8,404 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was 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 of the company's stock, valued at $1,460,800. The trade was a 13.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 377,261 shares of company stock worth $9,374,552 over the last 90 days. Company insiders own 59.07% of the company's stock.

Hedge Funds Weigh In On i3 Verticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in 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 worth $51,000 after acquiring an additional 1,976 shares during the period. NBC Securities Inc. boosted its holdings in 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 acquiring an additional 1,125 shares during the period. Swiss National Bank boosted its holdings in i3 Verticals by 2.0% in the 4th quarter. Swiss National Bank now owns 46,700 shares of the company's stock worth $1,076,000 after acquiring an additional 900 shares during the period. Squarepoint Ops LLC purchased a new position in i3 Verticals in the 4th quarter worth approximately $294,000. Finally, Rhumbline Advisers boosted its holdings in i3 Verticals by 2.2% in the 1st quarter. Rhumbline Advisers now owns 36,331 shares of the company's stock worth $896,000 after acquiring an additional 786 shares during the period. Hedge funds and other institutional investors own 84.22% of the company's stock.

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.