i3 Verticals (NASDAQ:IIIV) Shares Gap Down – Here’s Why

Shares of i3 Verticals, Inc. (NASDAQ:IIIV) gapped down before the market opened on Tuesday . The stock had previously closed at $24.40, but opened at $23.44. i3 Verticals shares last traded at $24.58, with a volume of 6,823 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. DA Davidson restated a “buy” rating and issued a $32.00 target price on shares of i3 Verticals in a research note on Monday, September 30th. KeyCorp dropped their target price on i3 Verticals from $28.00 to $27.00 and set an “overweight” rating on the stock in a research report on Monday, August 12th. BMO Capital Markets reduced their price objective on i3 Verticals from $23.00 to $21.00 and set a “market perform” rating for the company in a research note on Thursday, October 3rd. Raymond James cut their target price on shares of i3 Verticals from $31.00 to $28.00 and set a “strong-buy” rating for the company in a report on Monday, August 12th. Finally, Benchmark reaffirmed a “buy” rating and set a $33.00 target price on shares of i3 Verticals in a research note on Tuesday. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.14.

i3 Verticals Stock Performance

The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 1.01. The stock’s fifty day simple moving average is $22.93 and its 200 day simple moving average is $21.98. The company has a market cap of $814.68 million, a price-to-earnings ratio of 5.42 and a beta of 1.53.

Institutional Investors Weigh In On i3 Verticals

A number of large investors have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC acquired a new position in i3 Verticals during the second quarter worth $600,000. Confluence Investment Management LLC increased its position in i3 Verticals by 102.7% during the second quarter. Confluence Investment Management LLC now owns 306,540 shares of the company’s stock worth $6,768,000 after purchasing an additional 155,338 shares during the last quarter. Long Path Partners LP purchased a new position in i3 Verticals during the second quarter worth about $12,756,000. Royce & Associates LP boosted its holdings in i3 Verticals by 11.1% in the 3rd quarter. Royce & Associates LP now owns 488,840 shares of the company’s stock valued at $10,417,000 after purchasing an additional 48,840 shares during the last quarter. Finally, TimesSquare Capital Management LLC purchased a new stake in shares of i3 Verticals in the 3rd quarter valued at approximately $11,373,000. 84.22% of the stock is currently owned by hedge funds and other institutional investors.

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.