Shares of EverCommerce Inc. (NASDAQ:EVCM – Get Free Report) reached a new 52-week low on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $6.01 and last traded at $7.9160, with a volume of 14,944 shares changing hands. The stock had previously closed at $8.35.
The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.13). The business had revenue of $151.45 million during the quarter, compared to the consensus estimate of $152.91 million. EverCommerce had a return on equity of 3.95% and a net margin of 5.69%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) earnings per share.
Wall Street Analysts Forecast Growth
EVCM has been the topic of a number of analyst reports. Royal Bank Of Canada decreased their price target on EverCommerce from $11.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 6th. Weiss Ratings lowered EverCommerce from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft lowered EverCommerce from a “buy” rating to a “hold” rating and dropped their price objective for the company from $12.00 to $7.00 in a research note on Friday. Barclays raised their target price on shares of EverCommerce from $8.50 to $10.00 and gave the stock an “underweight” rating in a report on Thursday, August 6th. Finally, Wall Street Zen downgraded shares of EverCommerce from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 26th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, EverCommerce presently has an average rating of “Reduce” and a consensus price target of $9.60.
Check Out Our Latest Stock Analysis on EVCM
Insider Activity
In related news, Director Eric Remer sold 47,353 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $8.24, for a total transaction of $390,188.72. Following the completion of the transaction, the director owned 5,022,792 shares in the company, valued at $41,387,806.08. This represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 431,327 shares of company stock worth $4,069,251 over the last 90 days. 10.10% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP raised its holdings in EverCommerce by 16.7% in the 2nd quarter. Engineers Gate Manager LP now owns 20,821 shares of the company’s stock worth $209,000 after purchasing an additional 2,982 shares in the last quarter. Ethic Inc. bought a new stake in shares of EverCommerce during the 3rd quarter valued at about $88,000. Bank of America Corp DE bought a new stake in shares of EverCommerce during the 2nd quarter valued at about $125,000. Deutsche Bank AG bought a new stake in shares of EverCommerce during the 2nd quarter valued at about $144,000. Finally, Quantinno Capital Management LP increased its position in shares of EverCommerce by 117.7% during the first quarter. Quantinno Capital Management LP now owns 48,290 shares of the company’s stock valued at $552,000 after buying an additional 26,109 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.
EverCommerce Price Performance
The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.72. The firm’s 50-day moving average is $8.59 and its 200-day moving average is $10.26. The company has a market cap of $1.45 billion, a PE ratio of 45.61, a PEG ratio of 0.83 and a beta of 0.63.
About EverCommerce
EverCommerce, Inc is a software and technology company that provides integrated, cloud-based solutions for service-oriented small and midsize businesses. Its platforms are designed to help businesses manage operations, customer relationships, payments, marketing and other administrative functions through specialized applications tailored to specific industries.
The company serves a broad range of vertical markets, including home and field services, health and wellness, fitness, education, professional services and other appointment- or membership-based businesses.
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