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

i3 Verticals, Inc. (NASDAQ:IIIV) shares saw unusually-high trading volume on Thursday . Approximately 511,433 shares were traded during mid-day trading, an increase of 79% from the previous session’s volume of 285,546 shares.The stock last traded at $24.03 and had previously closed at $24.35.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IIIV. Stephens reaffirmed an “overweight” rating and issued a $29.00 price target on shares of i3 Verticals in a research note on Tuesday, November 19th. BMO Capital Markets dropped their price target on shares of 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. Benchmark reaffirmed a “buy” rating and set a $33.00 target price on shares of i3 Verticals in a report on Tuesday, November 19th. Finally, DA Davidson reissued a “buy” rating and issued a $32.00 price target on shares of i3 Verticals in a report on Monday, September 30th. 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.14.

i3 Verticals Price Performance

The stock’s fifty day moving average price is $23.68 and its 200 day moving average price is $23.08. The stock has a market capitalization of $815.36 million, a P/E ratio of 5.46 and a beta of 1.49.

Insider Activity

In other i3 Verticals news, President Frederick Stanford sold 17,577 shares of the firm’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 transaction, the president now owns 100,000 shares in the company, valued at approximately $2,528,000. This trade represents a 14.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 59.07% of the company’s stock.

Institutional Trading of i3 Verticals

A number of hedge funds and other institutional investors have recently modified their holdings of IIIV. Long Path Partners LP boosted its holdings in i3 Verticals by 61.5% in the third quarter. Long Path Partners LP now owns 933,098 shares of the company’s stock valued at $19,884,000 after purchasing an additional 355,392 shares in the last quarter. Portolan Capital Management LLC boosted its stake 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 valued at $13,917,000 after acquiring an additional 23,921 shares during the last quarter. TimesSquare Capital Management LLC acquired a new stake in i3 Verticals in the 3rd quarter worth about $11,373,000. State Street Corp lifted 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, Royce & Associates LP raised its holdings in shares of i3 Verticals by 11.1% during the 3rd quarter. Royce & Associates LP now owns 488,840 shares of the company’s stock valued at $10,417,000 after buying an additional 48,840 shares during the period. 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.