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

i3 Verticals, Inc. (NASDAQ:IIIV) shares 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 trading hands. The stock had previously closed at $32.11.

IIIV has been the topic of a number of other research reports. Benchmark reissued a “buy” rating and issued a $39.00 target price (up previously from $33.00) on shares of i3 Verticals in a research note on Monday. Stephens reaffirmed an “overweight” rating and set a $40.00 price objective (up from $35.00) on shares of i3 Verticals in a research note on Monday. Finally, Morgan Stanley raised their price objective on i3 Verticals from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.33.

Insider Activity

In other news, Director Timothy Mckenna sold 6,882 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $31.81, for a total transaction of $218,916.42. Following the transaction, the director directly owned 3,876 shares of the company’s stock, valued at approximately $123,295.56. This trade represents a 63.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 59.07% of the company’s stock.

Institutional Trading of i3 Verticals

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

i3 Verticals Price Performance

The company has a market capitalization of $1.06 billion, a P/E ratio of 6.12 and a beta of 1.32. The company has a 50 day moving average of $27.75 and a 200-day moving average of $26.25.

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.