i3 Verticals (NASDAQ:IIIV) Shares Gap Down – Time to Sell?

i3 Verticals, Inc. (NASDAQ:IIIV)’s share price gapped down prior to trading 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 Analysts Forecast Growth

Several equities analysts recently issued reports on the company. KeyCorp reduced their price target 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. Raymond James lowered their price objective on i3 Verticals from $31.00 to $28.00 and set a “strong-buy” rating for the company in a research report on Monday, August 12th. DA Davidson reissued a “buy” rating and issued a $32.00 price target on shares of i3 Verticals in a research report on Monday, September 30th. Benchmark reissued a “buy” rating and set a $33.00 price objective on shares of i3 Verticals in a research report on Tuesday. Finally, Stephens reaffirmed an “overweight” rating and set a $29.00 price target on shares of i3 Verticals in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, i3 Verticals presently has a consensus rating of “Moderate Buy” and an average target price of $27.14.

i3 Verticals Stock Up 4.0 %

The company’s 50-day simple moving average is $22.93 and its two-hundred day simple moving average is $21.98. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.98 and a quick ratio of 2.98. The firm has a market capitalization of $814.68 million, a P/E ratio of 5.42 and a beta of 1.53.

Institutional Trading of i3 Verticals

Several hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC purchased a new stake in shares of i3 Verticals during the second quarter worth about $600,000. Confluence Investment Management LLC lifted its holdings in shares of i3 Verticals by 102.7% in the 2nd quarter. Confluence Investment Management LLC now owns 306,540 shares of the company’s stock worth $6,768,000 after acquiring an additional 155,338 shares during the last quarter. Long Path Partners LP bought a new stake in shares of i3 Verticals during the 2nd quarter worth approximately $12,756,000. Royce & Associates LP grew its holdings in shares of i3 Verticals by 11.1% in the third quarter. Royce & Associates LP now owns 488,840 shares of the company’s stock worth $10,417,000 after purchasing an additional 48,840 shares during the last quarter. Finally, TimesSquare Capital Management LLC bought a new position in i3 Verticals in the third quarter worth approximately $11,373,000. Institutional investors own 84.22% of the company’s stock.

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.