i3 Verticals, Inc. (NASDAQ:IIIV) Sees Significant Increase in Short Interest

i3 Verticals, Inc. (NASDAQ:IIIV) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 917,700 shares, a growth of 5.0% from the October 31st total of 873,800 shares. Based on an average daily volume of 200,500 shares, the days-to-cover ratio is currently 4.6 days.

Insider Activity

In related news, President Frederick Stanford sold 17,577 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $25.28, for a total value of $444,346.56. Following the transaction, the president now directly owns 100,000 shares in the company, valued at $2,528,000. This represents a 14.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 34.00% of the company’s stock.

Institutional Trading of i3 Verticals

A number of institutional investors have recently modified their holdings of the company. Comerica Bank raised its position in i3 Verticals by 46.0% in the 1st quarter. Comerica Bank now owns 2,133 shares of the company’s stock valued at $49,000 after buying an additional 672 shares during the last quarter. Select Equity Group L.P. raised its holdings in shares of i3 Verticals by 1.8% in the second quarter. Select Equity Group L.P. now owns 65,730 shares of the company’s stock valued at $1,451,000 after purchasing an additional 1,147 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of i3 Verticals by 4.5% in the second quarter. Victory Capital Management Inc. now owns 45,700 shares of the company’s stock worth $1,009,000 after purchasing an additional 1,950 shares in the last quarter. Argent Capital Management LLC lifted its position in shares of i3 Verticals by 15.0% in the third quarter. Argent Capital Management LLC now owns 16,180 shares of the company’s stock worth $345,000 after purchasing an additional 2,114 shares in the last quarter. Finally, State Street Corp boosted its holdings in i3 Verticals by 0.5% during the third quarter. State Street Corp now owns 495,943 shares of the company’s stock worth $10,569,000 after purchasing an additional 2,664 shares during the last quarter. 84.22% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IIIV. Raymond James reduced their target price on i3 Verticals from $31.00 to $28.00 and set a “strong-buy” rating on the stock in a report on Monday, August 12th. Benchmark reissued a “buy” rating and set a $33.00 price objective on shares of i3 Verticals in a research note on Tuesday, November 19th. DA Davidson restated a “buy” rating and set a $32.00 price objective on shares of i3 Verticals in a report on Monday, September 30th. Stephens reiterated an “overweight” rating and issued a $29.00 target price on shares of i3 Verticals in a report on Tuesday, November 19th. Finally, BMO Capital Markets decreased their price target on shares of i3 Verticals from $23.00 to $21.00 and set a “market perform” rating for the company in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.14.

i3 Verticals Stock Down 1.1 %

Shares of NASDAQ:IIIV opened at $24.75 on Wednesday. The firm has a market cap of $830.12 million, a price-to-earnings ratio of 5.56 and a beta of 1.49. i3 Verticals has a 12 month low of $17.54 and a 12 month high of $26.66. The company’s fifty day simple moving average is $23.29 and its 200 day simple moving average is $22.17.

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.