EverCommerce (NASDAQ:EVCM) Stock Price Down 7.3% - Here's What Happened

Key Points

• EverCommerce shares fell 7.3% to $7.345, with trading volume 78% below the average session level.
• The company missed quarterly earnings expectations, reporting $0.05 per share versus the $0.15 consensus estimate, while revenue of $152.02 million was broadly in line and increased 2.7% year over year.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $11.00; insiders have sold more than 628,000 shares over the past three months, while institutions own 97.91% of the stock.

EverCommerce Inc. (NASDAQ:EVCM - Get Free Report)'s stock price dropped 7.3% on Tuesday . The stock traded as low as $7.45 and last traded at $7.3450. 31,971 shares traded hands during trading, a decline of 78% from the average session volume of 145,256 shares. The stock had previously closed at $7.92.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on EVCM. Canaccord Genuity Group increased their price target on shares of EverCommerce from $12.00 to $13.00 and gave the company a "buy" rating in a research report on Monday, May 11th. Royal Bank Of Canada reduced their price objective on EverCommerce from $11.00 to $10.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of EverCommerce in a research report on Friday, August 21st. Barclays boosted their target price on shares of EverCommerce from $8.50 to $10.00 and gave the company an "underweight" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen raised EverCommerce from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, EverCommerce currently has an average rating of "Hold" and an average target price of $11.00.

EverCommerce Stock Performance

The company has a market cap of $1.27 billion, a PE ratio of 39.86, a P/E/G ratio of 0.77 and a beta of 0.84. The stock's 50 day simple moving average is $10.36 and its two-hundred day simple moving average is $10.60. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.72.

EverCommerce (NASDAQ:EVCM - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.10). The firm had revenue of $152.02 million during the quarter, compared to analysts' expectations of $152.29 million. EverCommerce had a return on equity of 3.95% and a net margin of 5.69%.The company's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.04 earnings per share. As a group, research analysts anticipate that EverCommerce Inc. will post 0.52 earnings per share for the current year.

Insider Transactions at EverCommerce

In related news, Director Eric Remer sold 6,354 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $8.07, for a total value of $51,276.78. Following the transaction, the director owned 5,011,125 shares in the company, valued at approximately $40,439,778.75. This trade represents a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 628,501 shares of company stock worth $6,193,197. 10.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On EverCommerce

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE acquired a new stake in EverCommerce in the 2nd quarter valued at $125,000. Prudential Financial Inc. lifted its stake in shares of EverCommerce by 9.6% during the second quarter. Prudential Financial Inc. now owns 13,546 shares of the company's stock worth $142,000 after purchasing an additional 1,190 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of EverCommerce in the second quarter worth about $144,000. Oxford Asset Management LLP purchased a new stake in shares of EverCommerce in the second quarter worth about $168,000. Finally, BNP Paribas Financial Markets grew its stake in shares of EverCommerce by 863.2% in the third quarter. BNP Paribas Financial Markets now owns 15,325 shares of the company's stock valued at $171,000 after buying an additional 13,734 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

EverCommerce Company Profile

EverCommerce, Inc is a provider of cloud-based software-as-a-service (SaaS) solutions designed for local service businesses. The company delivers an integrated platform that helps organizations manage customer interactions, streamline operations and facilitate recurring revenue. By combining multiple functions into a single interface, EverCommerce aims to simplify back-office processes and enhance the overall customer experience.

The company’s offerings encompass tools for appointment scheduling, payment processing, client relationship management, marketing automation, reputation management and reporting analytics.

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