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

Shares of i3 Verticals, Inc. (NASDAQ:IIIV) saw unusually-high trading volume on Thursday . Approximately 257,691 shares traded hands during trading, an increase of 14% from the previous session’s volume of 226,779 shares.The stock last traded at $22.82 and had previously closed at $23.40.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on IIIV. Raymond James lowered their price target on i3 Verticals from $31.00 to $28.00 and set a “strong-buy” rating for the company in a research report on Monday, August 12th. Stephens restated an “overweight” rating and issued a $29.00 target price on shares of i3 Verticals in a report on Friday, August 16th. Benchmark reiterated a “buy” rating and set a $33.00 price target on shares of i3 Verticals in a report on Tuesday, September 3rd. DA Davidson reissued a “buy” rating and issued a $32.00 price objective on shares of i3 Verticals in a research note on Monday, September 30th. Finally, BMO Capital Markets cut their target price on i3 Verticals from $23.00 to $21.00 and set a “market perform” rating on the stock in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $27.14.

i3 Verticals Stock Performance

The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $767.85 million, a PE ratio of 2,301.00 and a beta of 1.54. The firm’s 50-day simple moving average is $22.00 and its 200-day simple moving average is $21.78.

i3 Verticals (NASDAQ:IIIV) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.31). i3 Verticals had a negative net margin of 0.01% and a positive return on equity of 5.99%. The firm had revenue of $56.04 million during the quarter, compared to analysts’ expectations of $96.43 million. On average, research analysts predict that i3 Verticals, Inc. will post 0.19 earnings per share for the current year.

Hedge Funds Weigh In On i3 Verticals

A number of hedge funds and other institutional investors have recently made changes to their positions in IIIV. Comerica Bank lifted its stake in i3 Verticals by 46.0% in the first quarter. Comerica Bank now owns 2,133 shares of the company’s stock worth $49,000 after acquiring an additional 672 shares during the period. SG Americas Securities LLC purchased a new stake in shares of i3 Verticals in the 2nd quarter worth approximately $116,000. Argent Capital Management LLC bought a new position in shares of i3 Verticals during the first quarter valued at approximately $200,000. EntryPoint Capital LLC purchased a new position in i3 Verticals during the first quarter valued at approximately $210,000. Finally, Ferguson Wellman Capital Management Inc. purchased a new position in i3 Verticals during the first quarter valued at approximately $223,000. Institutional investors own 84.22% of the company’s stock.

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.