Covenant Partners LLC Reduces Holdings in i3 Verticals, Inc. (NASDAQ:IIIV)

Covenant Partners LLC lessened its holdings in shares of i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 47.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,973 shares of the company's stock after selling 88,617 shares during the period. i3 Verticals accounts for approximately 0.6% of Covenant Partners LLC's investment portfolio, making the stock its 21st biggest position. Covenant Partners LLC owned about 0.29% of i3 Verticals worth $2,066,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Comerica Bank boosted its holdings in i3 Verticals by 46.0% in the 1st quarter. Comerica Bank now owns 2,133 shares of the company's stock valued at $49,000 after purchasing an additional 672 shares during the last quarter. SG Americas Securities LLC acquired a new position in i3 Verticals in the 2nd quarter valued at about $116,000. EntryPoint Capital LLC acquired a new position in i3 Verticals in the 1st quarter valued at about $210,000. Sanctuary Advisors LLC acquired a new position in i3 Verticals in the 2nd quarter valued at about $292,000. Finally, Pitcairn Co. boosted its holdings in i3 Verticals by 14.7% in the 1st quarter. Pitcairn Co. now owns 13,818 shares of the company's stock valued at $316,000 after purchasing an additional 1,767 shares during the last quarter. Hedge funds and other institutional investors own 84.22% of the company's stock.

i3 Verticals Stock Down 0.1 %

Shares of NASDAQ:IIIV traded down $0.03 during trading hours on Friday, reaching $22.86. The stock had a trading volume of 79,033 shares, compared to its average volume of 261,554. i3 Verticals, Inc. has a 1 year low of $17.54 and a 1 year high of $25.51. The firm's 50 day moving average is $22.05 and its 200-day moving average is $21.79. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.98 and a current ratio of 2.98. The stock has a market capitalization of $772.44 million, a price-to-earnings ratio of -254.00 and a beta of 1.54.

i3 Verticals (NASDAQ:IIIV - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.31). i3 Verticals had a negative net margin of 0.01% and a positive return on equity of 5.99%. The firm had revenue of $56.04 million during the quarter, compared to analysts' expectations of $96.43 million. Research analysts predict that i3 Verticals, Inc. will post 0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IIIV has been the topic of several recent analyst reports. KeyCorp decreased their target price on shares of i3 Verticals from $28.00 to $27.00 and set an "overweight" rating on the stock in a report on Monday, August 12th. BMO Capital Markets decreased their price objective on shares of i3 Verticals from $23.00 to $21.00 and set a "market perform" rating on the stock in a report on Thursday, October 3rd. Raymond James decreased their price objective on shares of i3 Verticals from $31.00 to $28.00 and set a "strong-buy" rating on the stock in a report on Monday, August 12th. Benchmark restated a "buy" rating and issued a $33.00 price objective on shares of i3 Verticals in a report on Tuesday, September 3rd. Finally, Stephens restated an "overweight" rating and issued a $29.00 price objective on shares of i3 Verticals in a report on Friday, August 16th. Two 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.14.

i3 Verticals Profile

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.