Eric Richard Remer, the Chief Executive Officer of EverCommerce Inc. (NASDAQ:EVCM), has recently sold a total of $151,012 worth of company stock. The transactions occurred over three consecutive days, from October 29 to October 31, 2024.
The sales involved a total of 14,165 shares of EverCommerce common stock, with prices ranging from $10.5659 to $10.7551 per share. Following these transactions, Remer retains ownership of 8,050,475 shares indirectly through Buckrail Partners, LLC.
These transactions were conducted under a pre-established Rule 10b5-1 trading plan, which was set up on June 14, 2024.
"In other recent news, EverCommerce Inc. has seen significant changes and developments. The company reported a revenue of $177.4 million for Q2 2024, marking a 4.3% year-over-year increase. Additionally, the pro forma revenue growth stood at 6% when excluding the sale of fitness assets, and the company's adjusted EBITDA reached $41.2 million, indicating a 23.2% margin.
In terms of board changes, Alexi Wellman has been elected as a Class II director, with her term set to start on September 23, 2024. Concurrently, Debby Soo has resigned from the Board, effective October 31, 2024. Wellman's compensation includes an annual retainer of $55,000 for her board service, plus an additional $20,000 for her Audit Committee role.
In other recent developments, the company also reported a significant growth in cross-selling, with 199,000 customers enabled for more than one solution, marking a 25% YoY increase. Looking ahead, EverCommerce projects Q3 total revenue to be between $172 million and $176 million, with adjusted EBITDA projections set at $39 million to $42 million."
InvestingPro Insights
As EverCommerce's CEO Eric Richard Remer sells a portion of his holdings, investors might be curious about the company's financial health and market position. According to InvestingPro data, EverCommerce has a market capitalization of $1.97 billion, with its stock trading at $10.69 as of the previous close. This price represents 85.18% of its 52-week high, suggesting the stock has been performing relatively well.
Despite the recent insider selling, there are some positive indicators for EverCommerce. An InvestingPro Tip notes that net income is expected to grow this year, and analysts predict the company will be profitable in the current fiscal year. This outlook aligns with the company's revenue growth of 6.23% over the last twelve months, reaching $691.69 million.
However, investors should be aware that EverCommerce is currently not profitable over the last twelve months, with a negative P/E ratio of -68.25. The company also does not pay a dividend, which is typical for growth-focused tech companies reinvesting in their operations.
For those seeking a deeper analysis, InvestingPro offers 7 additional tips that could provide valuable insights into EverCommerce's financial situation and market prospects. These tips, along with real-time metrics, can help investors make more informed decisions about EVCM stock.
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