i3 Verticals (NASDAQ:IIIV) Hits New 12-Month High - Here's Why

i3 Verticals, Inc. (NASDAQ:IIIV - Get Free Report)'s stock price reached a new 52-week high on Friday . The company traded as high as $27.00 and last traded at $27.08, with a volume of 748 shares changing hands. The stock had previously closed at $25.68.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IIIV. Stephens reissued an "overweight" rating and issued a $29.00 target price on shares of i3 Verticals in a research report on Tuesday, November 19th. BMO Capital Markets upped their price objective on i3 Verticals from $22.00 to $26.00 and gave the company a "market perform" rating in a research note on Monday. KeyCorp lifted their target price on i3 Verticals from $27.00 to $32.00 and gave the stock an "overweight" rating in a research report on Monday. Benchmark reissued a "buy" rating and set a $33.00 price target on shares of i3 Verticals in a research report on Tuesday, November 19th. Finally, DA Davidson lifted their price objective on shares of i3 Verticals from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Monday. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, i3 Verticals currently has a consensus rating of "Moderate Buy" and an average target price of $28.86.

i3 Verticals Trading Down 0.5 %

The business's 50-day simple moving average is $24.06 and its 200 day simple moving average is $23.29. The company has a market capitalization of $975.51 million, a P/E ratio of 6.47 and a beta of 1.51.

i3 Verticals (NASDAQ:IIIV - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.05). i3 Verticals had a net margin of 41.85% and a return on equity of 3.59%. As a group, sell-side analysts predict that i3 Verticals, Inc. will post 0.9 EPS for the current fiscal year.

Insider Activity

In other i3 Verticals news, President Frederick Stanford sold 17,577 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $25.28, for a total value of $444,346.56. Following the completion of the sale, 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 at this hyperlink. 59.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On i3 Verticals

Several hedge funds have recently bought and sold shares of IIIV. Raymond James Financial Inc. bought a new stake in shares of i3 Verticals during the 4th quarter worth about $13,313,000. TimesSquare Capital Management LLC bought a new stake in i3 Verticals during the third quarter worth approximately $11,373,000. Long Path Partners LP grew its holdings in i3 Verticals by 61.5% during 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 during the last quarter. Legato Capital Management LLC bought a new position in shares of i3 Verticals in the fourth quarter valued at approximately $4,233,000. Finally, New York State Common Retirement Fund lifted its stake in shares of i3 Verticals by 1,855.9% in the fourth quarter. New York State Common Retirement Fund now owns 175,833 shares of the company's stock worth $4,051,000 after buying an additional 166,843 shares during 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.