EverCommerce (NASDAQ:EVCM) Shares Climb 6.8% – Here’s Why

EverCommerce Inc. (NASDAQ:EVCM)’s share price shot up 6.8% on Wednesday. The stock traded as high as $8.50 and last traded at $8.5520. 76,192 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 149,229 shares. The stock had previously closed at $8.01.

Analyst Ratings Changes

A number of research analysts have issued reports on EVCM shares. Barclays increased their target price on shares of EverCommerce from $8.50 to $10.00 and gave the stock an “underweight” rating in a research report on Thursday, August 6th. Wall Street Zen cut EverCommerce from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Royal Bank Of Canada reduced their price target on EverCommerce from $11.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded EverCommerce from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, September 24th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $11.00.

EverCommerce Price Performance

The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 47.31, a P/E/G ratio of 0.78 and a beta of 0.84. The business’s 50 day simple moving average is $9.38 and its 200-day simple moving average is $10.20.

EverCommerce (NASDAQ:EVCM) last issued its earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.10). The firm had revenue of $152.02 million during the quarter, compared to analyst estimates of $152.29 million. EverCommerce had a net margin of 5.69% and a return on equity of 3.95%. EverCommerce’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.04 earnings per share. On average, research analysts forecast that EverCommerce Inc. will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In other EverCommerce news, Director Eric Remer sold 47,353 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $8.24, for a total transaction of $390,188.72. Following the completion of the sale, the director directly owned 5,022,792 shares in the company, valued at $41,387,806.08. This represents a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 568,757 shares of company stock worth $5,592,407 in the last three months. 10.10% of the stock is owned by insiders.

Hedge Funds Weigh In On EverCommerce

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of EverCommerce during the 2nd quarter worth $10,724,000. CoreCap Advisors LLC bought a new position in EverCommerce in the second quarter valued at about $2,716,000. Quantinno Capital Management LP raised its stake in EverCommerce by 117.7% during the first quarter. Quantinno Capital Management LP now owns 48,290 shares of the company’s stock worth $552,000 after acquiring an additional 26,109 shares in the last quarter. Bank of America Corp DE raised its stake in EverCommerce by 202.9% during the first quarter. Bank of America Corp DE now owns 47,848 shares of the company’s stock worth $547,000 after acquiring an additional 32,053 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of EverCommerce in the second quarter worth about $324,000. Institutional investors own 97.91% of the company’s stock.

EverCommerce Company Profile

EverCommerce Inc is a provider of integrated software and payment solutions designed primarily for small and midsize service-based businesses. Its cloud-based technology helps customers manage daily operations, including scheduling, customer relationship management, billing, payment processing, marketing, business reporting and communications.

The company serves a range of vertical markets, including home and field services, health and wellness, fitness, education, veterinary care, and other personal and professional services.