Short Interest in EverCommerce Inc. (NASDAQ:EVCM) Grows By 26.7%

EverCommerce Inc. (NASDAQ:EVCM) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 1,060,000 shares, an increase of 26.7% from the October 15th total of 836,700 shares. Based on an average trading volume of 100,000 shares, the short-interest ratio is currently 10.6 days. Approximately 7.1% of the company’s shares are short sold.

EverCommerce Trading Up 0.5 %

Shares of EVCM opened at $11.12 on Friday. EverCommerce has a fifty-two week low of $6.22 and a fifty-two week high of $12.35. The firm’s 50-day simple moving average is $10.64 and its two-hundred day simple moving average is $10.54. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.68 and a current ratio of 1.81.

EverCommerce (NASDAQ:EVCM) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $176.26 million during the quarter, compared to analysts’ expectations of $174.87 million. EverCommerce had a negative return on equity of 6.56% and a negative net margin of 7.53%. The business’s quarterly revenue was up .9% on a year-over-year basis. Sell-side analysts forecast that EverCommerce will post -0.09 EPS for the current year.

Wall Street Analysts Forecast Growth

EVCM has been the subject of several research analyst reports. Royal Bank of Canada increased their price objective on EverCommerce from $12.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of EverCommerce from $12.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Evercore ISI upped their price objective on shares of EverCommerce from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Barclays lifted their target price on shares of EverCommerce from $9.00 to $12.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, JMP Securities increased their price target on shares of EverCommerce from $12.00 to $15.00 and gave the stock a “market outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $12.56.

Insiders Place Their Bets

In other news, CEO Eric Richard Remer sold 7,099 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $10.69, for a total transaction of $75,888.31. Following the completion of the sale, the chief executive officer now directly owns 8,124,163 shares in the company, valued at approximately $86,847,302.47. This represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 111,377 shares of company stock valued at $1,217,786 in the last quarter. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On EverCommerce

Several large investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in EverCommerce during the 3rd quarter valued at about $107,000. Edgestream Partners L.P. bought a new stake in shares of EverCommerce during the first quarter valued at approximately $123,000. The Manufacturers Life Insurance Company raised its holdings in EverCommerce by 10.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,360 shares of the company’s stock worth $125,000 after acquiring an additional 1,089 shares during the last quarter. Renaissance Technologies LLC lifted its position in EverCommerce by 19.4% in the 2nd quarter. Renaissance Technologies LLC now owns 16,600 shares of the company’s stock valued at $182,000 after acquiring an additional 2,700 shares in the last quarter. Finally, RIA Advisory Group LLC bought a new position in EverCommerce in the 3rd quarter valued at approximately $241,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.