i3 Verticals, Inc. (NASDAQ:IIIV) Short Interest Up 22.8% in May

i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report) saw a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 1,510,000 shares, an increase of 22.8% from the April 30th total of 1,230,000 shares. Approximately 11.2% of the shares of the company are short sold. Based on an average trading volume of 242,500 shares, the days-to-cover ratio is presently 6.2 days.

i3 Verticals Stock Performance

Shares of i3 Verticals stock traded down $0.16 during trading hours on Thursday, reaching $24.86. 347,054 shares of the company were exchanged, compared to its average volume of 245,751. The firm has a market cap of $825.77 million, a PE ratio of 5.54 and a beta of 1.31. The stock's fifty day moving average is $25.02 and its 200 day moving average is $24.84. i3 Verticals has a 1 year low of $18.77 and a 1 year high of $29.80.

Insiders Place Their Bets

In other i3 Verticals news, Director David M. Wilds sold 218,400 shares of i3 Verticals stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $24.81, for a total transaction of $5,418,504.00. Following the completion of the transaction, the director now owns 260,657 shares in the company, valued at approximately $6,466,900.17. This trade represents a 45.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Geoffrey C. Smith sold 8,404 shares of i3 Verticals stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $26.56, for a total value of $223,210.24. Following the transaction, the chief financial officer now owns 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. In the last 90 days, insiders sold 377,261 shares of company stock valued at $9,374,552. 59.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On i3 Verticals

Hedge funds have recently made changes to their positions in the business. NBC Securities Inc. boosted its stake in shares of i3 Verticals by 112,500.0% during the first quarter. NBC Securities Inc. now owns 1,126 shares of the company's stock worth $27,000 after buying an additional 1,125 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of i3 Verticals by 2,744.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock worth $51,000 after buying an additional 1,976 shares during the period. Johnson Financial Group Inc. acquired a new stake in i3 Verticals in the fourth quarter valued at about $72,000. KLP Kapitalforvaltning AS acquired a new stake in i3 Verticals in the fourth quarter valued at about $99,000. Finally, CIBC Private Wealth Group LLC lifted its position in i3 Verticals by 52.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,260 shares of the company's stock valued at $126,000 after purchasing an additional 1,809 shares during the period. Institutional investors and hedge funds own 84.22% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on IIIV. KeyCorp boosted their price objective on i3 Verticals from $27.00 to $32.00 and gave the stock an "overweight" rating in a research note on Monday, February 10th. DA Davidson boosted their price objective on i3 Verticals from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Monday, February 10th. Morgan Stanley cut their price objective on 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. Finally, BMO Capital Markets boosted their price objective on i3 Verticals from $22.00 to $26.00 and gave the stock a "market perform" rating in a research note on Monday, February 10th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, i3 Verticals has an average rating of "Moderate Buy" and a consensus price target of $29.57.

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.