i3 Verticals (NASDAQ:IIIV) Shares 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) shares fell 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. 16,043 shares were traded during trading, a decline of 95% from the average session volume of 294,203 shares. The stock had previously closed at $30.63.

Specifically, CRO Paul Christians sold 1,890 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $31.40, for a total transaction of $59,346.00. Following the transaction, the executive owned 43,110 shares of the company's stock, valued at $1,353,654. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on IIIV shares. DA Davidson increased their price target on i3 Verticals from $34.00 to $39.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Stephens increased their price target on i3 Verticals from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, August 11th. Benchmark reissued a "buy" rating and set a $39.00 price target (up previously from $33.00) on shares of i3 Verticals in a research report on Monday, August 11th. Finally, Morgan Stanley increased their price target on i3 Verticals from $25.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $34.33.

i3 Verticals Stock Performance

The company has a market cap of $1.00 billion, a price-to-earnings ratio of 5.96 and a beta of 1.30. The company has a fifty day moving average of $29.66 and a two-hundred day moving average of $26.63.

Institutional Trading of i3 Verticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its stake in i3 Verticals by 274.8% during the 2nd quarter. Thrivent Financial for Lutherans now owns 547,598 shares of the company's stock valued at $15,048,000 after purchasing an additional 401,493 shares during the last quarter. Ranger Investment Management L.P. boosted its stake in shares of i3 Verticals by 0.3% in the 2nd quarter. Ranger Investment Management L.P. now owns 1,146,200 shares of the company's stock worth $31,498,000 after buying an additional 3,505 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in i3 Verticals by 229.9% in the second quarter. Tower Research Capital LLC TRC now owns 2,220 shares of the company's stock valued at $61,000 after purchasing an additional 1,547 shares during the last quarter. Wasatch Advisors LP purchased a new position in i3 Verticals in the second quarter valued at approximately $8,271,000. Finally, Manatuck Hill Partners LLC purchased a new position in i3 Verticals in the second quarter valued at approximately $1,099,000. 84.22% of the stock is owned by institutional investors.

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.