Morgan Stanley Issues Pessimistic Forecast for i3 Verticals (NASDAQ:IIIV) Stock Price

i3 Verticals (NASDAQ:IIIV) had its price target dropped by equities researchers at Morgan Stanley from $27.00 to $25.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential downside of 6.54% from the stock’s current price.

IIIV has been the topic of several other reports. BMO Capital Markets raised their price target on shares of i3 Verticals from $22.00 to $26.00 and gave the stock a “market perform” rating in a research note on Monday, February 10th. DA Davidson raised their target price on shares of i3 Verticals from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Finally, KeyCorp upped their price target on i3 Verticals from $27.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.57.

i3 Verticals Stock Performance

Shares of IIIV stock opened at $26.75 on Tuesday. i3 Verticals has a fifty-two week low of $18.75 and a fifty-two week high of $29.80. The stock’s fifty day moving average is $24.77 and its two-hundred day moving average is $24.75. The firm has a market capitalization of $884.73 million, a P/E ratio of 5.96 and a beta of 1.31.

Hedge Funds Weigh In On i3 Verticals

A number of institutional investors have recently bought and sold shares of the company. AltraVue Capital LLC purchased a new stake in shares of i3 Verticals in the 4th quarter valued at approximately $20,993,000. Forager Capital Management LLC acquired a new position in i3 Verticals in the fourth quarter valued at approximately $17,626,000. Raymond James Financial Inc. purchased a new position in i3 Verticals in the fourth quarter worth approximately $13,313,000. T. Rowe Price Investment Management Inc. acquired a new stake in i3 Verticals during the first quarter worth $10,018,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in i3 Verticals in the first quarter valued at $6,711,000. 84.22% of the stock is owned by hedge funds and other institutional investors.

About i3 Verticals

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.