EverCommerce Inc. (NASDAQ:EVCM) Sees Large Growth in Short Interest

EverCommerce Inc. (NASDAQ:EVCM) was the recipient of a large increase in short interest in September. As of September 30th, there was short interest totalling 995,600 shares, an increase of 12.0% from the September 15th total of 888,900 shares. Based on an average daily volume of 120,900 shares, the short-interest ratio is presently 8.2 days. Approximately 6.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of EverCommerce from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their price target on EverCommerce from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI increased their target price on shares of EverCommerce from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $11.45.

EverCommerce Stock Performance

Shares of EVCM stock traded down $0.03 during trading on Thursday, reaching $10.58. The company had a trading volume of 6,174 shares, compared to its average volume of 144,724. EverCommerce has a one year low of $6.22 and a one year high of $12.35. The firm’s 50 day simple moving average is $10.32 and its two-hundred day simple moving average is $10.24. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.68 and a quick ratio of 1.68. The company has a market capitalization of $1.96 billion, a PE ratio of -50.52 and a beta of 1.08.

EverCommerce (NASDAQ:EVCM) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $177.39 million during the quarter, compared to analyst estimates of $171.88 million. EverCommerce had a negative return on equity of 5.33% and a negative net margin of 6.31%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts forecast that EverCommerce will post -0.09 earnings per share for the current year.

Insider Activity at EverCommerce

In other news, CEO Eric Richard Remer sold 7,099 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $10.69, for a total value of $75,888.31. Following the completion of the sale, the chief executive officer now owns 8,124,163 shares of the company’s stock, valued at $86,847,302.47. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders sold 41,799 shares of company stock worth $438,333. Corporate insiders own 11.50% of the company’s stock.

Hedge Funds Weigh In On EverCommerce

Institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its holdings in shares of EverCommerce by 10.6% in the second quarter. The Manufacturers Life Insurance Company now owns 11,360 shares of the company’s stock valued at $125,000 after buying an additional 1,089 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of EverCommerce by 19.4% during the second quarter. Renaissance Technologies LLC now owns 16,600 shares of the company’s stock worth $182,000 after purchasing an additional 2,700 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of EverCommerce by 6.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 164,419 shares of the company’s stock valued at $1,805,000 after buying an additional 9,595 shares in the last quarter. SG Americas Securities LLC acquired a new stake in EverCommerce during the 3rd quarter worth $107,000. Finally, Edgestream Partners L.P. acquired a new position in EverCommerce in the first quarter valued at about $123,000. 97.91% of the stock is owned by institutional investors.

EverCommerce Company Profile

EverCommerce Inc, together with its subsidiaries, provides integrated software-as-a-service solutions for service-based small and medium sized businesses in the United States and internationally. The company’s solutions include business management software that offers route-based dispatching, medical practice management, and gym member management solutions; billing and payment solutions comprising e-invoicing, mobile payments, and integrated payment processing; customer experience solution, which include reputation management and messaging solutions; and marketing technology solutions that cover websites, hosting, and digital lead generation.