Tectonic Advisors LLC has acquired a significant stake in i3 Verticals, Inc. (NASDAQ: IIIV), purchasing 88,819 shares valued at approximately $2.88 million. This investment took place during the third quarter of 2023, as reported by HoldingsChannel.com.
Other institutional investors and hedge funds have also been active in the i3 Verticals market. Notably, Geneva Capital Management LLC increased its stake by 5.7% in the second quarter, bringing its total holdings to 1,887,701 shares, valued at around $51.87 million. The firm acquired an additional 101,331 shares during this period.
Ranger Investment Management L.P. raised its holdings by 0.3%, now owning 1,146,200 shares valued at $31.5 million, after acquiring 3,505 shares. Similarly, Long Path Partners LP increased its holdings by 4.2%, bringing its total to 1,039,847 shares worth $28.58 million.
Recent Analyst Ratings and Insider Transactions
Analysts have also taken a closer look at i3 Verticals recently. On October 30, 2023, Zacks Research upgraded the company’s rating from “strong sell” to “hold.” In contrast, Morgan Stanley adjusted its price target from $30.00 to $28.00, maintaining an “equal weight” rating. Additionally, DA Davidson set a price objective of $35.00, while KeyCorp lowered its target from $35.00 to $32.00 while keeping an “overweight” rating.
Insider trading activity has also been noteworthy. Paul Christians, Chief Revenue Officer, sold 9,000 shares on December 3, 2023, at an average price of $23.27, totaling $209,430. Following this transaction, Christians owned 45,818 shares, valued at approximately $1.07 million.
Additionally, Frederick Stanford, the company president, sold 11,347 shares on November 21, 2023, for about $274,710. This sale reduced his ownership to 43,653 shares, worth around $1.06 million. Over the past three months, insiders have sold a total of 23,639 shares for approximately $562,425, with corporate insiders holding 59.07% of the stock.
i3 Verticals’ Market Performance
As of Friday, shares of i3 Verticals opened at $25.19. The company has seen a 12-month low of $22.00 and a high of $33.97, with a market capitalization of $814.90 million and a P/E ratio of 37.04.
The company last reported its quarterly earnings on November 17, 2023, revealing earnings per share of $0.27, surpassing analysts’ expectations of $0.26. i3 Verticals reported revenue of $109.80 million for the quarter, significantly higher than the anticipated $53.68 million.
Looking forward, i3 Verticals has set its FY 2026 earnings guidance between $1.060 and $1.160 per share. Analysts project an average of $0.90 earnings per share for the current year.
Founded in 2001 and headquartered in Columbia, South Carolina, i3 Verticals specializes in providing integrated software and payment processing solutions tailored for specific vertical markets across the United States. The company offers a range of services, including electronic payment processing, ACH transfers, and risk management tools, aiming to streamline revenue collection for its clients.
