EverCommerce (NASDAQ:EVCM) Shares Gap Down – Here’s What Happened

EverCommerce Inc. (NASDAQ:EVCM) gapped down prior to trading on Wednesday. The stock had previously closed at $9.70, but opened at $9.43. EverCommerce shares last traded at $9.62, with a volume of 816 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently issued reports on EVCM shares. Weiss Ratings upgraded EverCommerce from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, September 24th. Wall Street Zen downgraded EverCommerce from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 26th. Barclays upped their price target on EverCommerce from $8.50 to $10.00 and gave the stock an “underweight” rating in a report on Thursday, August 6th. Finally, 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. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, EverCommerce has an average rating of “Hold” and a consensus price target of $11.00.

EverCommerce Stock Down 1.4%

The company has a market cap of $1.64 billion, a price-to-earnings ratio of 51.47 and a beta of 0.75. The business’s fifty day simple moving average is $8.69 and its two-hundred day simple moving average is $10.38.

EverCommerce (NASDAQ:EVCM) last issued its quarterly earnings data 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. The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 earnings per share. Sell-side analysts predict that EverCommerce Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at EverCommerce

In other news, President Matthew Feierstein sold 10,000 shares of EverCommerce stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $10.00, for a total value of $100,000.00. Following the sale, the president owned 1,961,214 shares of the company’s stock, valued at $19,612,140. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Remer sold 6,354 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $8.07, for a total transaction of $51,276.78. Following the completion of the sale, the director owned 5,011,125 shares of the company’s stock, valued at approximately $40,439,778.75. The trade was a 0.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 475,527 shares of company stock valued at $4,587,256 in the last 90 days. Company insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On EverCommerce

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVCM. BlackRock Inc. purchased a new position in shares of EverCommerce during the 2nd quarter worth approximately $10,724,000. CoreCap Advisors LLC acquired a new stake in shares of EverCommerce in the 2nd quarter valued at approximately $2,716,000. Black Diamond Financial LLC acquired a new stake in shares of EverCommerce in the 3rd quarter valued at approximately $2,464,000. Quantinno Capital Management LP boosted its stake in shares of EverCommerce by 117.7% in 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 in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of EverCommerce by 202.9% in 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 in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

About EverCommerce

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.