Short Interest in EverCommerce Inc. (NASDAQ:EVCM) Drops By 31.9%

EverCommerce Inc. (NASDAQ:EVCM) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 721,600 shares, a decline of 31.9% from the October 31st total of 1,060,000 shares. Currently, 4.9% of the shares of the stock are short sold. Based on an average daily volume of 100,700 shares, the days-to-cover ratio is currently 7.2 days.

EverCommerce Stock Performance

Shares of NASDAQ:EVCM traded up $0.12 during midday trading on Friday, hitting $12.15. The company’s stock had a trading volume of 36,601 shares, compared to its average volume of 139,532. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.81 and a current ratio of 1.81. The stock’s 50 day simple moving average is $10.86 and its 200 day simple moving average is $10.66. EverCommerce has a fifty-two week low of $6.22 and a fifty-two week high of $12.35. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -43.39 and a beta of 1.07.

EverCommerce (NASDAQ:EVCM) last released its 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). EverCommerce had a negative net margin of 7.53% and a negative return on equity of 6.56%. The company had revenue of $176.26 million during the quarter, compared to the consensus estimate of $174.87 million. The company’s revenue was up .9% compared to the same quarter last year. As a group, research analysts anticipate that EverCommerce will post -0.17 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Eric Richard Remer sold 7,099 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 8,124,163 shares of the company’s stock, valued at $86,847,302.47. The trade was a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 130,708 shares of company stock valued at $1,436,159. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EVCM. Vanguard Group Inc. raised its stake in shares of EverCommerce by 1.9% in the first quarter. Vanguard Group Inc. now owns 1,664,942 shares of the company’s stock valued at $15,684,000 after acquiring an additional 30,481 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of EverCommerce by 57.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 55,000 shares of the company’s stock valued at $512,000 after acquiring an additional 20,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of EverCommerce by 6.2% in the second quarter. Bank of New York Mellon Corp now owns 164,419 shares of the company’s stock valued at $1,805,000 after acquiring an additional 9,595 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of EverCommerce by 39.2% in the second quarter. Dimensional Fund Advisors LP now owns 340,684 shares of the company’s stock valued at $3,740,000 after acquiring an additional 95,934 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of EverCommerce by 19.4% in the second quarter. Renaissance Technologies LLC now owns 16,600 shares of the company’s stock valued at $182,000 after purchasing an additional 2,700 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EVCM. Barclays lifted their price objective on EverCommerce from $9.00 to $12.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price objective on EverCommerce from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Piper Sandler boosted their price target on EverCommerce from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. JMP Securities upped their price objective on EverCommerce from $12.00 to $15.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Finally, Evercore ISI upped their target price on EverCommerce from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.56.

About EverCommerce

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.