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

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

Analyst Ratings Changes

EVCM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of EverCommerce from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Oppenheimer lifted their price target on shares of EverCommerce from $12.00 to $13.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Evercore ISI boosted their price objective on shares of EverCommerce from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. JMP Securities boosted their price objective on shares of EverCommerce from $12.00 to $15.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft boosted 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.56.

EverCommerce Stock Performance

Shares of EVCM traded up $0.12 during mid-day trading on Friday, hitting $12.15. 36,601 shares of the company’s stock were exchanged, compared to its average volume of 139,532. EverCommerce has a 52 week low of $6.22 and a 52 week high of $12.35. The stock’s 50-day simple moving average is $10.86 and its 200-day simple moving average is $10.66. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -43.39 and a beta of 1.07. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.68.

EverCommerce (NASDAQ:EVCM) last announced its earnings results on Tuesday, November 12th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). EverCommerce had a negative return on equity of 6.56% and a negative net margin of 7.53%. The business had revenue of $176.26 million for the quarter, compared to the consensus estimate of $174.87 million. The firm’s revenue was up .9% compared to the same quarter last year. On average, equities research analysts expect that EverCommerce will post -0.17 EPS for the current year.

Insider Activity at EverCommerce

In other EverCommerce news, CEO Eric Richard Remer sold 7,099 shares of EverCommerce stock in a transaction on 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 owns 8,124,163 shares of the company’s stock, valued at approximately $86,847,302.47. The trade was a 0.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 130,708 shares of company stock valued at $1,436,159 over the last quarter. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of EverCommerce

Several large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its position in shares of EverCommerce by 10.6% during 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 in the last quarter. Renaissance Technologies LLC boosted its position in shares of EverCommerce by 19.4% during the 2nd quarter. Renaissance Technologies LLC now owns 16,600 shares of the company’s stock worth $182,000 after acquiring an additional 2,700 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of EverCommerce by 1.2% during the 3rd quarter. Janus Henderson Group PLC now owns 318,136 shares of the company’s stock worth $3,296,000 after acquiring an additional 3,837 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of EverCommerce by 6.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 164,419 shares of the company’s stock worth $1,805,000 after acquiring an additional 9,595 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of EverCommerce during the 3rd quarter worth approximately $107,000. Institutional investors and hedge funds 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.