Short Interest in EverCommerce Inc. (NASDAQ:EVCM) Grows By 19.6%

EverCommerce Inc. (NASDAQ:EVCM) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,010,000 shares, an increase of 19.6% from the August 15th total of 844,600 shares. Based on an average daily volume of 171,800 shares, the short-interest ratio is presently 5.9 days. Approximately 6.6% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on EverCommerce from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Evercore ISI lifted their target price on EverCommerce from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on EverCommerce from $12.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $11.45.

EverCommerce Stock Down 0.8 %

Shares of NASDAQ EVCM traded down $0.09 during trading hours on Tuesday, hitting $10.57. The stock had a trading volume of 122,411 shares, compared to its average volume of 151,681. The firm’s 50-day moving average price is $10.82 and its two-hundred day moving average price is $10.08. EverCommerce has a 52 week low of $6.22 and a 52 week high of $12.35. The company has a market capitalization of $1.96 billion, a P/E ratio of -50.33 and a beta of 1.08. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.68 and a current ratio of 1.68.

EverCommerce (NASDAQ:EVCM) last posted its earnings results on Tuesday, August 6th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $177.39 million during the quarter, compared to the consensus estimate of $171.88 million. EverCommerce had a negative return on equity of 5.33% and a negative net margin of 6.31%. EverCommerce’s revenue for the quarter was up 4.3% compared to the same quarter last year. Analysts anticipate that EverCommerce will post -0.11 EPS for the current fiscal year.

Insider Activity

In other EverCommerce news, CEO Eric Richard Remer sold 3,992 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $11.07, for a total value of $44,191.44. Following the completion of the transaction, the chief executive officer now directly owns 1,254,286 shares in the company, valued at $13,884,946.02. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 8,477 shares of company stock valued at $93,840 over the last three months. Insiders own 11.50% of the company’s stock.

Hedge Funds Weigh In On EverCommerce

Hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its position 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 worth $125,000 after buying an additional 1,089 shares during the last quarter. Quest Partners LLC bought a new position in shares of EverCommerce in the 4th quarter valued at approximately $135,000. Edgestream Partners L.P. bought a new position in shares of EverCommerce in the 1st quarter valued at approximately $123,000. Renaissance Technologies LLC lifted its holdings in EverCommerce by 19.4% in the 2nd quarter. Renaissance Technologies LLC now owns 16,600 shares of the company’s stock worth $182,000 after purchasing an additional 2,700 shares during the last quarter. Finally, RIA Advisory Group LLC bought a new stake in EverCommerce during the first quarter worth approximately $242,000. 97.91% of the stock is owned by institutional investors and hedge funds.

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.