i3 Verticals (NASDAQ:IIIV) Reaches New 52-Week High – Should You Buy?

i3 Verticals, Inc. (NASDAQ:IIIV) shares hit a new 52-week high on Friday . The stock traded as high as $31.77 and last traded at $31.36, with a volume of 50026 shares. The stock had previously closed at $28.50.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on IIIV. Benchmark reaffirmed a “buy” rating and issued a $33.00 target price on shares of i3 Verticals in a research report on Monday, June 16th. Morgan Stanley cut their target price on i3 Verticals from $27.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, i3 Verticals has a consensus rating of “Moderate Buy” and an average target price of $29.57.

i3 Verticals Stock Up 11.3%

The firm has a 50-day moving average of $27.15 and a two-hundred day moving average of $26.04. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.05 billion, a PE ratio of 6.07 and a beta of 1.32.

Insider Buying and Selling

In other i3 Verticals news, Director Robert Burton Harvey sold 71,860 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $24.81, for a total value of $1,782,846.60. Following the transaction, the director directly owned 11,285 shares of the company’s stock, valued at $279,980.85. This trade represents a 86.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John C. Harrison sold 78,597 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $24.81, for a total value of $1,949,991.57. Following the completion of the transaction, the director directly owned 3,876 shares in the company, valued at $96,163.56. This trade represents a 95.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 377,261 shares of company stock valued at $9,374,552. 59.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IIIV. Forager Capital Management LLC purchased a new position in i3 Verticals in the fourth quarter valued at about $17,626,000. Punch & Associates Investment Management Inc. purchased a new position in i3 Verticals in the first quarter valued at about $11,207,000. T. Rowe Price Investment Management Inc. acquired a new stake in shares of i3 Verticals during the first quarter valued at about $10,018,000. Visualize Group LP acquired a new stake in shares of i3 Verticals during the first quarter valued at about $7,013,000. Finally, Harbor Capital Advisors Inc. acquired a new position in shares of i3 Verticals in the first quarter worth about $6,711,000. 84.22% of the stock is owned by hedge funds and other institutional investors.

About i3 Verticals

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.