i3 Verticals (NASDAQ:IIIV) Trading Down 3.9% Following Analyst Downgrade

i3 Verticals, Inc. (NASDAQ:IIIV) dropped 3.9% during trading on Friday after Morgan Stanley lowered their price target on the stock from $26.00 to $25.00. Morgan Stanley currently has an equal weight rating on the stock. i3 Verticals traded as low as $19.51 and last traded at $19.51. Approximately 50,293 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 139,736 shares. The stock had previously closed at $20.30.

Several other brokerages also recently commented on IIIV. KeyCorp dropped their price target on i3 Verticals from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday. Raymond James dropped their price target on i3 Verticals from $34.00 to $33.00 and set a “strong-buy” rating on the stock in a research report on Thursday, August 10th. Finally, Stephens restated an “overweight” rating and set a $32.00 price target on shares of i3 Verticals in a research note on Thursday. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $29.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IIIV. Captrust Financial Advisors lifted its position in shares of i3 Verticals by 14,942.9% during the 2nd quarter. Captrust Financial Advisors now owns 1,053 shares of the company’s stock worth $26,000 after buying an additional 1,046 shares during the period. Tower Research Capital LLC TRC increased its position in shares of i3 Verticals by 63.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,803 shares of the company’s stock worth $38,000 after purchasing an additional 703 shares in the last quarter. Ensign Peak Advisors Inc bought a new position in i3 Verticals during the 3rd quarter valued at about $44,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in i3 Verticals by 20.8% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,821 shares of the company’s stock valued at $87,000 after buying an additional 657 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its position in i3 Verticals by 32.7% in the first quarter. Steward Partners Investment Advisory LLC now owns 4,236 shares of the company’s stock valued at $104,000 after buying an additional 1,043 shares in the last quarter. Institutional investors own 64.19% of the company’s stock.

i3 Verticals Stock Performance

The stock has a market capitalization of $661.47 million, a price-to-earnings ratio of -165.33 and a beta of 1.40. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock’s 50-day simple moving average is $20.21 and its 200 day simple moving average is $22.24.

About i3 Verticals

i3 Verticals, Inc provides integrated payment and software solutions to small- and medium-sized businesses and organizations in education, non-profit, public sector, and healthcare markets in the United States. It operates in two segments, Merchant Services, and Proprietary Software and Payments. The company offers payment processing services that enables clients to accept electronic payments, facilitating the exchange of funds and transaction data between clients, financial institutions, and payment networks.