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

EverCommerce Inc. (NASDAQ:EVCM) was the recipient of a large increase in short interest in 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. Currently, 7.1% of the company’s shares are short sold. Based on an average daily trading volume, of 100,000 shares, the short-interest ratio is currently 10.6 days.

Analyst Ratings Changes

Several research firms have recently issued reports on EVCM. JMP Securities increased their price objective on shares of EverCommerce from $12.00 to $15.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Royal Bank of Canada raised their target price on EverCommerce from $12.00 to $14.00 and gave the company an “outperform” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft increased their price objective on shares of EverCommerce from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Oppenheimer raised their price target on shares of EverCommerce from $12.00 to $13.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on EverCommerce from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.56.

EverCommerce Price Performance

Shares of EVCM traded up $0.05 during mid-day trading on Friday, hitting $11.12. 157,414 shares of the company traded hands, compared to its average volume of 141,276. The business has a 50-day moving average of $10.62 and a 200 day moving average of $10.52. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.81 and a quick ratio of 1.68. EverCommerce has a one year low of $6.22 and a one year high of $12.35.

EverCommerce (NASDAQ:EVCM) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $176.26 million for the quarter, compared to the consensus estimate of $174.87 million. EverCommerce had a negative return on equity of 6.56% and a negative net margin of 7.53%. EverCommerce’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, analysts expect that EverCommerce will post -0.09 EPS for the current fiscal year.

Insider Activity at EverCommerce

In other news, CEO Eric Richard Remer sold 4,200 shares of EverCommerce stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $10.37, for a total value of $43,554.00. Following the completion of the transaction, the chief executive officer now owns 8,068,540 shares in the company, valued at approximately $83,670,759.80. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 111,377 shares of company stock worth $1,217,786. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On EverCommerce

A number of hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its stake in EverCommerce by 673.4% during the second quarter. Millennium Management LLC now owns 323,360 shares of the company’s stock worth $3,550,000 after purchasing an additional 281,551 shares during the period. Dimensional Fund Advisors LP boosted its holdings in EverCommerce by 39.2% in the second quarter. Dimensional Fund Advisors LP now owns 340,684 shares of the company’s stock worth $3,740,000 after acquiring an additional 95,934 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in EverCommerce in the 3rd quarter valued at $570,000. Edgestream Partners L.P. bought a new stake in shares of EverCommerce during the third quarter worth about $536,000. Finally, AQR Capital Management LLC lifted its holdings in shares of EverCommerce by 394.8% in the second quarter. AQR Capital Management LLC now owns 55,620 shares of the company’s stock valued at $611,000 after purchasing an additional 44,378 shares in the last quarter. 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.