NASHVILLE—Frederick Stanford, President of i3 Verticals , Inc. (NASDAQ:IIIV), a payment solutions provider with a market capitalization of $833 million, recently sold shares of the company's Class A common stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on November 27, totaled $444,320. According to InvestingPro analysis, the company currently shows a GOOD financial health score.
Stanford sold 14,967 shares at a weighted average price of $25.13, with individual transaction prices ranging from $24.78 to $25.70. An additional 2,610 shares were sold at a weighted average price of $26.13, with transactions occurring between $25.79 and $26.20. Following these sales, Stanford no longer holds any shares of Class A common stock directly. The stock has shown strong momentum, gaining nearly 30% over the past six months, with analysts setting price targets between $21 and $33.
These transactions were part of a series of reported activities, including the conversion of common units into Class A common stock, and the cancellation of Class B common stock, which occurred simultaneously and without financial consideration. Get deeper insights into i3 Verticals with InvestingPro, which offers exclusive access to 6+ additional ProTips and a comprehensive Pro Research Report, helping investors make more informed decisions about this volatile stock.
In other recent news, i3 Verticals has completed the sale of its Merchant Services business for a total of $438 million in cash. This strategic move aligns the company more closely with its core vertical software markets, including the public sector, education, and healthcare. Analysts from DA Davidson and KeyBanc Capital Markets have maintained their positive outlook on i3 Verticals, with DA Davidson reiterating a Buy rating and a $32.00 price target, and KeyBanc maintaining an Overweight rating with a steady price target of $27.00.
In conjunction with the sale, i3 Verticals announced changes in its executive team. Geoff Smith steps into the role of Chief Financial Officer, while the former CFO, Clay Whitson, transitions to the role of Chief Strategy Officer.
i3 Verticals reported a decline in revenues and adjusted EBITDA in their Q3 2024 results, primarily due to lower one-time software license sales. However, the company anticipates high-single-digit organic revenue growth and EBITDA margin improvement for fiscal years 2024 and 2025. The company also stressed its robust balance sheet and strategy to reduce debt by paying down its revolving credit facility.
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