i3 Verticals (NASDAQ:IIIV) Hits New 52-Week High – Still a Buy?

Shares of i3 Verticals, Inc. (NASDAQ:IIIV) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $33.75 and last traded at $33.38, with a volume of 150532 shares trading hands. The stock had previously closed at $31.91.

Analyst Ratings Changes

Several research analysts have weighed in on the company. DA Davidson boosted their price target on i3 Verticals from $34.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Zacks Research downgraded i3 Verticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of i3 Verticals in a report on Saturday. Stephens boosted their price target on i3 Verticals from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, August 11th. Finally, Morgan Stanley boosted their price target on i3 Verticals from $25.00 to $30.00 and gave the company an “equal weight” rating in a report on Tuesday, August 12th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, i3 Verticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.33.

i3 Verticals Stock Performance

The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 6.33 and a beta of 1.28. The business has a fifty day moving average price of $31.44 and a 200 day moving average price of $28.30.

Insider Activity at i3 Verticals

In related news, CRO Paul Christians sold 1,890 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $31.40, for a total value of $59,346.00. Following the completion of the sale, the executive directly owned 43,110 shares in the company, valued at approximately $1,353,654. This represents a 4.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Paul Maple sold 2,500 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $31.04, for a total value of $77,600.00. Following the completion of the sale, the general counsel owned 33,269 shares of the company’s stock, valued at approximately $1,032,669.76. This represents a 6.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,272 shares of company stock worth $355,862. Corporate insiders own 59.07% of the company’s stock.

Institutional Trading of i3 Verticals

Large investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in i3 Verticals by 2,744.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company’s stock valued at $51,000 after purchasing an additional 1,976 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in i3 Verticals in the 2nd quarter valued at about $281,000. Harbor Capital Advisors Inc. boosted its position in i3 Verticals by 67.2% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 454,743 shares of the company’s stock valued at $12,496,000 after buying an additional 182,699 shares during the last quarter. Avantax Advisory Services Inc. boosted its position in i3 Verticals by 8.5% in the 1st quarter. Avantax Advisory Services Inc. now owns 17,473 shares of the company’s stock valued at $431,000 after buying an additional 1,368 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in i3 Verticals in the 1st quarter valued at about $1,253,000. 84.22% of the stock is currently owned by institutional investors and hedge funds.

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.