i3 Verticals, Inc. (NASDAQ:IIIV) Sees Large Drop in Short Interest

i3 Verticals, Inc. (NASDAQ:IIIV) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 873,800 shares, a drop of 15.2% from the October 15th total of 1,030,000 shares. Based on an average trading volume of 186,700 shares, the days-to-cover ratio is currently 4.7 days.

i3 Verticals Price Performance

Shares of NASDAQ:IIIV traded down $0.42 during trading on Monday, reaching $24.40. The stock had a trading volume of 199,276 shares, compared to its average volume of 221,649. The business has a fifty day moving average price of $22.79 and a 200-day moving average price of $21.94. i3 Verticals has a 1-year low of $17.54 and a 1-year high of $26.00. 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 cap of $824.45 million, a PE ratio of -271.11 and a beta of 1.53.

Institutional Investors Weigh In On i3 Verticals

Large investors have recently modified their holdings of the business. Comerica Bank boosted its position in i3 Verticals by 46.0% during the first quarter. Comerica Bank now owns 2,133 shares of the company’s stock worth $49,000 after acquiring an additional 672 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of i3 Verticals in the third quarter valued at approximately $109,000. SG Americas Securities LLC acquired a new stake in shares of i3 Verticals in the second quarter valued at approximately $116,000. EntryPoint Capital LLC purchased a new position in i3 Verticals during the first quarter worth approximately $210,000. Finally, Atom Investors LP acquired a new position in i3 Verticals during the third quarter worth $218,000. Hedge funds and other institutional investors own 84.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Stephens restated an “overweight” rating and issued a $29.00 price objective on shares of i3 Verticals in a research report on Friday, August 16th. KeyCorp dropped their price target on shares of 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 decreased their price objective on shares of i3 Verticals from $23.00 to $21.00 and set a “market perform” rating for the company in a research report on Thursday, October 3rd. DA Davidson reissued a “buy” rating and set a $32.00 target price on shares of i3 Verticals in a research note on Monday, September 30th. Finally, Raymond James cut their price target on i3 Verticals from $31.00 to $28.00 and set a “strong-buy” rating for the company in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.14.

i3 Verticals Company 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.