EverCommerce (NASDAQ:EVCM) Shares Gap Down – What’s Next?

EverCommerce Inc. (NASDAQ:EVCM)’s share price gapped down before the market opened on Wednesday. The stock had previously closed at $9.70, but opened at $9.43. EverCommerce shares last traded at $9.62, with a volume of 816 shares.

Analysts Set New Price Targets

EVCM has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of EverCommerce from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 26th. Barclays increased their price target on EverCommerce from $8.50 to $10.00 and gave the stock an “underweight” rating in a research report on Thursday, August 6th. Weiss Ratings raised EverCommerce from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, September 24th. Finally, Royal Bank Of Canada reduced their price target on shares of EverCommerce from $11.00 to $10.00 and set a “sector perform” rating for the company in a research report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.00.

EverCommerce Stock Performance

The business has a 50 day simple moving average of $8.69 and a 200-day simple moving average of $10.38. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 51.47 and a beta of 0.75.

EverCommerce (NASDAQ:EVCM) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.10). The company had revenue of $152.02 million for the quarter, compared to analysts’ expectations of $152.29 million. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.04 earnings per share. Equities analysts predict that EverCommerce Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Eric Remer sold 47,353 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $8.24, for a total transaction of $390,188.72. Following the completion of the transaction, the director directly owned 5,022,792 shares in the company, valued at $41,387,806.08. This trade represents a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 475,527 shares of company stock worth $4,587,256 in the last 90 days. 10.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EverCommerce

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of EverCommerce in the second quarter valued at approximately $10,724,000. CoreCap Advisors LLC purchased a new stake in EverCommerce during the 2nd quarter worth approximately $2,716,000. Black Diamond Financial LLC acquired a new stake in EverCommerce during the 3rd quarter worth approximately $2,464,000. Quantinno Capital Management LP lifted its holdings in EverCommerce by 117.7% during the 1st quarter. Quantinno Capital Management LP now owns 48,290 shares of the company’s stock worth $552,000 after buying an additional 26,109 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in EverCommerce by 202.9% during the 1st quarter. Bank of America Corp DE now owns 47,848 shares of the company’s stock worth $547,000 after buying an additional 32,053 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

About EverCommerce

EverCommerce, Inc is a software and technology company that provides integrated, cloud-based solutions for service-oriented small and midsize businesses. Its platforms are designed to help businesses manage operations, customer relationships, payments, marketing and other administrative functions through specialized applications tailored to specific industries.

The company serves a broad range of vertical markets, including home and field services, health and wellness, fitness, education, professional services and other appointment- or membership-based businesses.