i3 Verticals (NASDAQ:IIIV) Trading Down 3% After Insider Selling

Key Points

• i3 Verticals' stock price dropped 3% after insider selling, with shares trading down to $29.70 from a previous close of $30.63.
• CRO Paul Christians sold 1,890 shares at an average price of $31.40, reducing his stake by 4.20% but still retaining approximately 43,110 shares valued at $1.35 million.
• Several analysts have raised their price targets for i3 Verticals, with Stephens increasing its target to $40.00, reflecting a positive outlook for the stock.

i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report)'s stock price was down 3% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $30.21 and last traded at $29.70. Approximately 16,043 shares were traded during trading, a decline of 95% from the average daily volume of 294,203 shares. The stock had previously closed at $30.63.

Specifically, CRO Paul Christians sold 1,890 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $31.40, for a total value of $59,346.00. Following the sale, the executive directly owned 43,110 shares in the company, valued at approximately $1,353,654. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several research analysts have issued reports on IIIV shares. Stephens raised their price target on shares of i3 Verticals from $35.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, August 11th. 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 note on Monday, August 11th. DA Davidson lifted 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. Finally, Morgan Stanley lifted their price objective on shares of i3 Verticals from $25.00 to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

i3 Verticals Trading Down 3.0%

The stock's fifty day simple moving average is $29.41 and its 200-day simple moving average is $26.62. The stock has a market capitalization of $958.61 million, a PE ratio of 5.69 and a beta of 1.30.

Institutional Trading of i3 Verticals

Several institutional investors have recently added to or reduced their stakes in IIIV. Wells Fargo & Company MN boosted its stake in shares of i3 Verticals by 38.5% during the fourth quarter. Wells Fargo & Company MN now owns 15,911 shares of the company's stock valued at $367,000 after purchasing an additional 4,419 shares during the period. Dimensional Fund Advisors LP lifted its stake in i3 Verticals by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 498,923 shares of the company's stock worth $11,496,000 after acquiring an additional 11,270 shares during the period. MetLife Investment Management LLC lifted its position in i3 Verticals by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 15,629 shares of the company's stock valued at $360,000 after buying an additional 2,157 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in i3 Verticals during the fourth quarter valued at $210,000. Finally, Northern Trust Corp lifted its position in i3 Verticals by 9.7% during the fourth quarter. Northern Trust Corp now owns 220,597 shares of the company's stock valued at $5,083,000 after buying an additional 19,568 shares during the period. 84.22% of the stock is currently owned by hedge funds and other institutional investors.

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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