Short Interest in i3 Verticals, Inc. (NASDAQ:IIIV) Drops By 8.3%

i3 Verticals, Inc. (NASDAQ:IIIV) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 841,200 shares, a decline of 8.3% from the November 15th total of 917,700 shares. Based on an average daily volume of 218,500 shares, the days-to-cover ratio is currently 3.8 days.

Insider Transactions 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 transaction of $444,346.56. Following the transaction, the president now owns 100,000 shares in the company, valued at approximately $2,528,000. The trade was a 14.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 34.00% of the company’s stock.

Hedge Funds Weigh In On i3 Verticals

Several institutional investors and hedge funds have recently made changes to their positions in IIIV. Barclays PLC increased its stake in shares of i3 Verticals by 112.3% in the third quarter. Barclays PLC now owns 41,036 shares of the company’s stock worth $873,000 after buying an additional 21,709 shares during the last quarter. Bares Capital Management Inc. bought a new stake in shares of i3 Verticals in the 3rd quarter worth about $334,000. ABS Direct Equity Fund LLC increased its position in shares of i3 Verticals by 40.0% in the 3rd quarter. ABS Direct Equity Fund LLC now owns 35,000 shares of the company’s stock worth $746,000 after purchasing an additional 10,000 shares during the last quarter. State Street Corp raised its stake in shares of i3 Verticals by 0.5% in the 3rd quarter. State Street Corp now owns 495,943 shares of the company’s stock valued at $10,569,000 after purchasing an additional 2,664 shares in the last quarter. Finally, Portolan Capital Management LLC lifted its position in shares of i3 Verticals by 3.8% during the third quarter. Portolan Capital Management LLC now owns 653,072 shares of the company’s stock worth $13,917,000 after purchasing an additional 23,921 shares during the last quarter. 84.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on IIIV shares. Stephens reissued an “overweight” rating and issued a $29.00 price objective on shares of i3 Verticals in a research report on Tuesday, November 19th. DA Davidson reiterated a “buy” rating and set a $32.00 target price on shares of i3 Verticals in a report on Monday, September 30th. BMO Capital Markets decreased their price target on i3 Verticals from $23.00 to $21.00 and set a “market perform” rating for the company in a report on Thursday, October 3rd. Finally, Benchmark reaffirmed a “buy” rating and issued a $33.00 price objective on shares of i3 Verticals in a research report on Tuesday, November 19th. 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’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $27.14.

i3 Verticals Stock Performance

Shares of IIIV opened at $22.45 on Monday. i3 Verticals has a one year low of $17.54 and a one year high of $26.66. The stock has a 50-day moving average price of $23.70 and a 200 day moving average price of $22.44. The company has a market capitalization of $752.97 million, a P/E ratio of 5.04 and a beta of 1.49.

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.