Short Interest in EverCommerce Inc. (NASDAQ:EVCM) Grows By 25.4%

EverCommerce Inc. (NASDAQ:EVCM) saw a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 826,500 shares, an increase of 25.4% from the May 31st total of 659,200 shares. Based on an average daily trading volume, of 200,200 shares, the days-to-cover ratio is presently 4.1 days. Approximately 5.3% of the company’s stock are short sold.

EverCommerce Price Performance

Shares of NASDAQ EVCM traded up $0.30 during mid-day trading on Tuesday, reaching $11.24. The company’s stock had a trading volume of 112,557 shares, compared to its average volume of 162,002. The stock has a market capitalization of $2.08 billion, a P/E ratio of -52.09 and a beta of 1.10. EverCommerce has a 1-year low of $6.22 and a 1-year high of $12.32. The stock has a 50-day moving average of $9.92 and a two-hundred day moving average of $9.81. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.71 and a current ratio of 1.71.

EverCommerce (NASDAQ:EVCM) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). EverCommerce had a negative return on equity of 4.92% and a negative net margin of 6.02%. The company had revenue of $170.10 million for the quarter, compared to analyst estimates of $162.11 million. During the same period last year, the firm posted ($0.11) EPS. The business’s quarterly revenue was up 5.6% on a year-over-year basis. On average, equities research analysts anticipate that EverCommerce will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other EverCommerce news, CEO Eric Richard Remer sold 14,502 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $10.16, for a total transaction of $147,340.32. Following the sale, the chief executive officer now owns 1,277,559 shares of the company’s stock, valued at approximately $12,979,999.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Eric Richard Remer sold 14,502 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $10.16, for a total value of $147,340.32. Following the transaction, the chief executive officer now directly owns 1,277,559 shares of the company’s stock, valued at $12,979,999.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Marc Christopher Thompson sold 4,701 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $10.16, for a total value of $47,762.16. Following the completion of the sale, the chief financial officer now owns 1,198,110 shares in the company, valued at approximately $12,172,797.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,822 shares of company stock valued at $644,732. 11.50% of the stock is currently owned by corporate insiders.

Institutional Trading of EverCommerce

A number of hedge funds and other institutional investors have recently made changes to their positions in EVCM. Great Lakes Advisors LLC raised its stake in shares of EverCommerce by 42.9% in the 4th quarter. Great Lakes Advisors LLC now owns 203,863 shares of the company’s stock valued at $2,249,000 after acquiring an additional 61,236 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in EverCommerce in the fourth quarter valued at approximately $391,000. Vanguard Group Inc. lifted its stake in EverCommerce by 1.9% during the first quarter. Vanguard Group Inc. now owns 1,664,942 shares of the company’s stock worth $15,684,000 after purchasing an additional 30,481 shares in the last quarter. RIA Advisory Group LLC purchased a new position in shares of EverCommerce during the first quarter worth $242,000. Finally, Edgestream Partners L.P. acquired a new stake in shares of EverCommerce in the first quarter valued at $123,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on EVCM shares. JMP Securities reaffirmed a “market outperform” rating and issued a $12.00 price target on shares of EverCommerce in a report on Friday, March 15th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $10.00 target price (down from $11.00) on shares of EverCommerce in a research note on Friday, March 15th. Royal Bank of Canada dropped their price target on shares of EverCommerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Oppenheimer lifted their price objective on shares of EverCommerce from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, May 10th. Finally, Piper Sandler restated a “neutral” rating and set a $10.00 target price on shares of EverCommerce in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.40.

EverCommerce Company Profile

EverCommerce Inc, together with its subsidiaries, provides integrated software-as-a-service solutions for service-based small and medium sized businesses in the United States and internationally. The company's solutions include business management software that offers route-based dispatching, medical practice management, and gym member management solutions; billing and payment solutions comprising e-invoicing, mobile payments, and integrated payment processing; customer experience solution, which include reputation management and messaging solutions; and marketing technology solutions that cover websites, hosting, and digital lead generation.