i3 Verticals (NASDAQ:IIIV) Downgraded by Zacks Research to Strong Sell

Zacks Research downgraded shares of i3 Verticals (NASDAQ:IIIV) from a hold rating to a strong sell rating in a research report released on Wednesday morning,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Benchmark restated a “buy” rating and set a $39.00 price objective (up previously from $33.00) on shares of i3 Verticals in a report on Monday, August 11th. Morgan Stanley boosted their price objective on i3 Verticals from $25.00 to $30.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 12th. Stephens boosted their price target on i3 Verticals from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, August 11th. Finally, DA Davidson boosted their price target on i3 Verticals from $34.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $34.33.

i3 Verticals Stock Up 1.2%

Shares of NASDAQ:IIIV opened at $32.53 on Wednesday. i3 Verticals has a 12-month low of $20.65 and a 12-month high of $33.44. The stock has a market cap of $1.05 billion, a PE ratio of 6.23 and a beta of 1.28. The business has a 50 day moving average of $30.75 and a 200-day moving average of $27.45.

Insiders Place Their Bets

In other i3 Verticals news, Director Timothy Mckenna sold 6,882 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $31.81, for a total transaction of $218,916.42. Following the completion of the sale, the director directly owned 3,876 shares in the company, valued at $123,295.56. This represents a 63.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Paul Christians sold 1,890 shares of the company’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $31.40, for a total value of $59,346.00. Following the sale, the executive owned 43,110 shares of the company’s stock, valued at $1,353,654. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,272 shares of company stock worth $355,862 over the last three months. Insiders own 59.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans increased its holdings in shares of i3 Verticals by 274.8% during the second quarter. Thrivent Financial for Lutherans now owns 547,598 shares of the company’s stock worth $15,048,000 after buying an additional 401,493 shares in the last quarter. Ranger Investment Management L.P. increased its holdings in shares of i3 Verticals by 0.3% during the second quarter. Ranger Investment Management L.P. now owns 1,146,200 shares of the company’s stock worth $31,498,000 after buying an additional 3,505 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of i3 Verticals by 229.9% during the second quarter. Tower Research Capital LLC TRC now owns 2,220 shares of the company’s stock worth $61,000 after buying an additional 1,547 shares in the last quarter. Wasatch Advisors LP acquired a new position in shares of i3 Verticals during the second quarter worth $8,271,000. Finally, Manatuck Hill Partners LLC acquired a new position in shares of i3 Verticals during the second quarter worth $1,099,000. 84.22% of the stock is currently 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.