i3 Verticals (NASDAQ:IIIV) Sets New 12-Month High – Here’s Why

i3 Verticals, Inc. (NASDAQ:IIIV)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $26.00 and last traded at $25.84, with a volume of 2404 shares traded. The stock had previously closed at $25.78.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IIIV. Stephens reiterated an “overweight” rating and issued a $29.00 target price on shares of i3 Verticals in a research report on Friday, August 16th. Raymond James cut their price target on shares of 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. DA Davidson restated a “buy” rating and set a $32.00 price target on shares of i3 Verticals in a research report on Monday, September 30th. KeyCorp cut their price target on shares of i3 Verticals from $28.00 to $27.00 and set an “overweight” rating for the company in a research report on Monday, August 12th. Finally, Benchmark restated a “buy” rating and set a $33.00 price target on shares of i3 Verticals in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.14.

i3 Verticals Trading Down 2.9 %

The company has a market capitalization of $840.33 million, a P/E ratio of -276.33 and a beta of 1.53. The stock’s 50 day moving average is $22.72 and its 200-day moving average is $21.94. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.98 and a quick ratio of 2.98.

Institutional Investors Weigh In On i3 Verticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Comerica Bank grew its holdings 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 purchasing an additional 672 shares during the period. Quantbot Technologies LP purchased a new stake in i3 Verticals in the third quarter worth about $109,000. SG Americas Securities LLC purchased a new stake in shares of i3 Verticals during the second quarter valued at approximately $116,000. EntryPoint Capital LLC purchased a new stake in shares of i3 Verticals during the first quarter valued at approximately $210,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of i3 Verticals during the second quarter valued at approximately $292,000. Hedge funds and other institutional investors own 84.22% of the company’s stock.

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.