i3 Verticals, Inc. (NASDAQ:IIIV) Short Interest Down 8.3% in November

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

i3 Verticals Trading Up 0.0 %

IIIV stock opened at $22.47 on Wednesday. The company has a market cap of $753.64 million, a PE ratio of 5.05 and a beta of 1.49. The stock has a 50-day moving average price of $23.69 and a two-hundred day moving average price of $22.48. i3 Verticals has a 12-month low of $17.54 and a 12-month high of $26.66.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Stephens restated an “overweight” rating and issued a $29.00 target price on shares of i3 Verticals in a report on Tuesday, November 19th. DA Davidson reissued a “buy” rating and set a $32.00 price target on shares of i3 Verticals in a research note on Monday, September 30th. BMO Capital Markets dropped their target price on i3 Verticals from $23.00 to $21.00 and set a “market perform” rating for the company in a research note on Thursday, October 3rd. Finally, Benchmark restated a “buy” rating and issued a $33.00 price target on shares of i3 Verticals in a report on Tuesday, November 19th. Two equities research 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $27.14.

Insider Activity

In other news, President Frederick Stanford sold 17,577 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $25.28, for a total value of $444,346.56. Following the completion of the transaction, the president now directly owns 100,000 shares of the company’s stock, valued at $2,528,000. The trade was a 14.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 34.00% of the company’s stock.

Hedge Funds Weigh In On i3 Verticals

Several hedge funds and other institutional investors have recently modified their holdings of IIIV. Comerica Bank raised its holdings in i3 Verticals by 46.0% in the first quarter. Comerica Bank now owns 2,133 shares of the company’s stock valued at $49,000 after buying an additional 672 shares during the period. Select Equity Group L.P. increased its position in shares of i3 Verticals by 1.8% in the second quarter. Select Equity Group L.P. now owns 65,730 shares of the company’s stock worth $1,451,000 after acquiring an additional 1,147 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of i3 Verticals by 4.5% in the 2nd quarter. Victory Capital Management Inc. now owns 45,700 shares of the company’s stock valued at $1,009,000 after acquiring an additional 1,950 shares during the period. Argent Capital Management LLC lifted its holdings in shares of i3 Verticals by 15.0% during the 3rd quarter. Argent Capital Management LLC now owns 16,180 shares of the company’s stock valued at $345,000 after acquiring an additional 2,114 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of i3 Verticals by 0.5% during the 3rd quarter. State Street Corp now owns 495,943 shares of the company’s stock valued at $10,569,000 after acquiring an additional 2,664 shares in the last quarter. 84.22% of the stock is owned by institutional investors and hedge funds.

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.