i3 Verticals (NASDAQ:IIIV) Shares Down 6.2% - Here's Why

i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report)'s stock price fell 6.2% during trading on Friday . The stock traded as low as $22.93 and last traded at $22.82. 81,217 shares were traded during trading, a decline of 71% from the average session volume of 277,610 shares. The stock had previously closed at $24.32.

Analyst Ratings Changes

Separately, Morgan Stanley lowered 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 assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, i3 Verticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.57.

i3 Verticals Price Performance

The company's fifty day moving average is $25.07 and its 200-day moving average is $24.88. The stock has a market cap of $758.68 million, a PE ratio of 5.09 and a beta of 1.22.

Insider Buying and Selling

In other i3 Verticals news, Director David M. Wilds sold 218,400 shares of i3 Verticals stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $24.81, for a total value of $5,418,504.00. Following the completion of the transaction, the director now owns 260,657 shares of the company's stock, valued at approximately $6,466,900.17. The trade was a 45.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 transaction of $223,210.24. Following the sale, the chief financial officer now directly owns 55,000 shares of the company's stock, valued at $1,460,800. This represents a 13.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 377,261 shares of company stock valued at $9,374,552 over the last 90 days. Insiders own 59.07% of the company's stock.

Institutional Trading of i3 Verticals

A number of institutional investors and hedge funds have recently modified their holdings of IIIV. AltraVue Capital LLC purchased a new stake in shares of i3 Verticals during the fourth quarter worth about $20,993,000. Forager Capital Management LLC purchased a new stake in shares of i3 Verticals during the fourth quarter worth about $17,626,000. Raymond James Financial Inc. purchased a new stake in shares of i3 Verticals during the fourth quarter worth about $13,313,000. Punch & Associates Investment Management Inc. purchased a new stake in shares of i3 Verticals during the first quarter worth about $11,207,000. Finally, T. Rowe Price Investment Management Inc. acquired a new position in i3 Verticals during the first quarter worth about $10,018,000. Hedge funds and other institutional investors own 84.22% of the company's stock.

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.