EverCommerce (NASDAQ:EVCM) Shares Gap Up – Here’s Why

EverCommerce Inc. (NASDAQ:EVCM) shares gapped up before the market opened on Tuesday . The stock had previously closed at $7.77, but opened at $8.29. EverCommerce shares last traded at $8.0350, with a volume of 1,506 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Barclays raised their price objective on shares of EverCommerce from $8.50 to $10.00 and gave the company an “underweight” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded EverCommerce from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 5th. Weiss Ratings cut EverCommerce from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, September 9th. Finally, Royal Bank Of Canada cut their target price on EverCommerce from $11.00 to $10.00 and set a “sector perform” rating for the company in a research note on Thursday, August 6th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.00.

EverCommerce Stock Down 5.5%

The company has a market capitalization of $1.38 billion, a P/E ratio of 43.31, a price-to-earnings-growth ratio of 0.76 and a beta of 0.84. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.72. The stock’s fifty day moving average is $9.80 and its 200 day moving average is $10.37.

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

Insider Transactions at EverCommerce

In other EverCommerce news, Director Eric Remer sold 47,353 shares of EverCommerce stock in a transaction that occurred 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 sale, the director directly owned 5,022,792 shares of the company’s stock, valued at approximately $41,387,806.08. The trade was a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 616,031 shares of company stock valued at $6,078,783 over the last ninety days. 10.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of EVCM. BlackRock Inc. bought a new stake in shares of EverCommerce in the second quarter worth approximately $10,724,000. CoreCap Advisors LLC bought a new position in shares of EverCommerce during the second quarter worth $2,716,000. Bank of New York Mellon Corp bought a new stake in EverCommerce in the second quarter worth $324,000. Bank of America Corp DE increased its position in shares of EverCommerce by 202.9% during the 1st quarter. Bank of America Corp DE now owns 47,848 shares of the company’s stock valued at $547,000 after purchasing an additional 32,053 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in EverCommerce by 117.7% in the 1st quarter. Quantinno Capital Management LP now owns 48,290 shares of the company’s stock worth $552,000 after purchasing an additional 26,109 shares during the period. 97.91% of the stock is currently owned by institutional investors.

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.