i3 Verticals (NASDAQ:IIIV) Sees Strong Trading Volume – Here’s Why

Shares of i3 Verticals, Inc. (NASDAQ:IIIV) saw strong trading volume on Thursday . 511,433 shares changed hands during mid-day trading, an increase of 79% from the previous session’s volume of 285,546 shares.The stock last traded at $24.03 and had previously closed at $24.35.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Stephens reiterated an “overweight” rating and issued a $29.00 price objective on shares of i3 Verticals in a report on Tuesday, November 19th. Benchmark reiterated a “buy” rating and issued a $33.00 price objective on shares of i3 Verticals in a report on Tuesday, November 19th. DA Davidson reiterated a “buy” rating and issued a $32.00 price objective on shares of i3 Verticals in a report on Monday, September 30th. Finally, BMO Capital Markets dropped their price objective 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 analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, i3 Verticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.14.

i3 Verticals Stock Performance

The firm’s 50 day moving average price is $23.71 and its two-hundred day moving average price is $23.06. The company has a market cap of $799.59 million, a P/E ratio of 5.36 and a beta of 1.49.

Insider Activity at i3 Verticals

In related news, President Frederick Stanford sold 17,577 shares of i3 Verticals stock in a transaction 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 completion of the sale, the president now owns 100,000 shares of the company’s stock, valued at approximately $2,528,000. This trade represents a 14.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 59.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On i3 Verticals

Hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in shares of i3 Verticals during the 3rd quarter worth $109,000. SG Americas Securities LLC increased its position in shares of i3 Verticals by 62.4% during the fourth quarter. SG Americas Securities LLC now owns 8,646 shares of the company’s stock valued at $199,000 after buying an additional 3,323 shares during the period. Atom Investors LP bought a new stake in shares of i3 Verticals during the third quarter valued at about $218,000. Sanctuary Advisors LLC bought a new stake in shares of i3 Verticals during the second quarter valued at about $292,000. Finally, Bares Capital Management Inc. purchased a new position in shares of i3 Verticals during the third quarter worth about $334,000. 84.22% of the stock is owned by hedge funds and other institutional investors.

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.