i3 Verticals (NASDAQ:IIIV) Hits New 52-Week High Following Analyst Upgrade

i3 Verticals, Inc. (NASDAQ:IIIV) reached a new 52-week high during trading on Thursday after DA Davidson raised their price target on the stock from $34.00 to $39.00. DA Davidson currently has a buy rating on the stock. i3 Verticals traded as high as $33.44 and last traded at $32.95, with a volume of 364052 shares traded. The stock had previously closed at $32.11.

Several other analysts have also recently issued reports on IIIV. Stephens reaffirmed an “overweight” rating and issued a $40.00 price target (up from $35.00) on shares of i3 Verticals in a report on Monday, August 11th. Benchmark reaffirmed a “buy” rating and issued a $39.00 price target (up from $33.00) on shares of i3 Verticals in a report on Monday, August 11th. Finally, Morgan Stanley set a $30.00 price target on shares of i3 Verticals and gave the company an “equal weight” rating in a report on Tuesday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.33.

Insider Transactions at i3 Verticals

In related news, Director Timothy Mckenna sold 6,882 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $31.81, for a total value of $218,916.42. Following the sale, the director directly owned 3,876 shares of the company’s stock, valued at $123,295.56. This represents a 63.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 59.07% of the stock is owned by corporate insiders.

Institutional Trading of i3 Verticals

Several institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its stake in i3 Verticals by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 8,619 shares of the company’s stock valued at $237,000 after purchasing an additional 402 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in i3 Verticals by 0.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 92,516 shares of the company’s stock valued at $2,132,000 after purchasing an additional 475 shares during the last quarter. Invesco Ltd. increased its stake in i3 Verticals by 2.6% during the fourth quarter. Invesco Ltd. now owns 25,292 shares of the company’s stock valued at $583,000 after purchasing an additional 649 shares during the last quarter. Rhumbline Advisers increased its stake in i3 Verticals by 2.2% during the first quarter. Rhumbline Advisers now owns 36,331 shares of the company’s stock valued at $896,000 after purchasing an additional 786 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in i3 Verticals by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,926 shares of the company’s stock valued at $196,000 after purchasing an additional 796 shares during the last quarter. Institutional investors own 84.22% of the company’s stock.

i3 Verticals Stock Down 1.8%

The firm’s 50 day simple moving average is $27.88 and its two-hundred day simple moving average is $26.29. The stock has a market cap of $1.04 billion, a P/E ratio of 6.01 and a beta of 1.32.

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.