EverCommerce (NASDAQ:EVCM) Reaches New 52-Week Low on Disappointing Earnings

EverCommerce Inc. (NASDAQ:EVCM) hit a new 52-week low during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $6.01 and last traded at $7.9160, with a volume of 14,944 shares. The stock had previously closed at $8.35.

The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.13). EverCommerce had a return on equity of 3.95% and a net margin of 5.69%. The firm had revenue of $151.45 million for the quarter, compared to analysts’ expectations of $152.91 million. During the same quarter last year, the company posted ($0.03) EPS. The firm’s revenue was up 2.6% on a year-over-year basis.

Analysts Set New Price Targets

EVCM has been the topic of several recent research reports. Weiss Ratings cut EverCommerce from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday. Wall Street Zen downgraded EverCommerce from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 26th. Deutsche Bank Aktiengesellschaft lowered EverCommerce from a “buy” rating to a “hold” rating and lowered their price objective for the company from $12.00 to $7.00 in a research report on Friday. Barclays boosted their target price on shares of EverCommerce from $8.50 to $10.00 and gave the company an “underweight” rating in a report on Thursday, August 6th. Finally, Royal Bank Of Canada reduced their target price on shares of EverCommerce from $11.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $9.60.

Insider Activity

In related news, Director Eric Remer sold 47,353 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $8.24, for a total value of $390,188.72. Following the transaction, the director owned 5,022,792 shares in the company, valued at $41,387,806.08. The trade was a 0.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 431,327 shares of company stock valued at $4,069,251. 10.10% of the stock is owned by insiders.

Institutional Trading of EverCommerce

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in EverCommerce in the second quarter worth about $10,724,000. Black Diamond Financial LLC bought a new position in shares of EverCommerce in the third quarter worth approximately $2,464,000. CoreCap Advisors LLC bought a new position in shares of EverCommerce in the second quarter worth approximately $2,716,000. Quantinno Capital Management LP grew its holdings in shares of EverCommerce by 117.7% during the first quarter. Quantinno Capital Management LP now owns 48,290 shares of the company’s stock valued at $552,000 after buying an additional 26,109 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of EverCommerce by 202.9% during the first quarter. Bank of America Corp DE now owns 47,848 shares of the company’s stock valued at $547,000 after buying an additional 32,053 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

EverCommerce Stock Down 1.7%

The company has a market cap of $1.45 billion, a P/E ratio of 45.61, a P/E/G ratio of 0.83 and a beta of 0.63. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.14 and a quick ratio of 2.14. The company’s 50-day moving average is $8.59 and its two-hundred day moving average is $10.26.

EverCommerce Company Profile

EverCommerce, Inc is a software and technology company that provides integrated, cloud-based solutions for service-oriented small and midsize businesses. Its platforms are designed to help businesses manage operations, customer relationships, payments, marketing and other administrative functions through specialized applications tailored to specific industries.

The company serves a broad range of vertical markets, including home and field services, health and wellness, fitness, education, professional services and other appointment- or membership-based businesses.