EverCommerce (NASDAQ:EVCM) Stock Falls 7.1% – Here’s Why

EverCommerce Inc. (NASDAQ:EVCM) shares were down 7.1% on Monday. The stock traded as low as $7.46 and last traded at $7.73. Approximately 9,568 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 150,011 shares. The stock had previously closed at $8.32.

Wall Street Analysts Forecast Growth

EVCM has been the subject of a number of recent analyst reports. Barclays lifted their price target on shares of EverCommerce from $8.50 to $10.00 and gave the stock an “underweight” rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of EverCommerce from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday. Wall Street Zen downgraded shares of EverCommerce from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Royal Bank Of Canada lowered their price target on EverCommerce from $11.00 to $10.00 and set a “sector perform” rating for the company in a report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, EverCommerce presently has an average rating of “Hold” and an average price target of $11.00.

EverCommerce Stock Performance

The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $1.42 billion, a PE ratio of 44.56, a PEG ratio of 0.79 and a beta of 0.84. The business has a 50 day simple moving average of $9.53 and a 200 day simple moving average of $10.25.

EverCommerce (NASDAQ:EVCM) last released its earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.10). The firm had revenue of $152.02 million for the quarter, compared to analyst estimates of $152.29 million. EverCommerce had a return on equity of 3.95% and a net margin of 5.69%.The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the firm earned $0.04 EPS. Equities research analysts predict that EverCommerce Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity

In other news, Director Eric Remer sold 47,353 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $8.24, for a total transaction of $390,188.72. Following the sale, the director directly owned 5,022,792 shares of the company’s stock, valued at $41,387,806.08. This represents a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 616,031 shares of company stock valued at $6,078,783. Insiders own 10.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Engineers Gate Manager LP increased its position in shares of EverCommerce by 16.7% in the 2nd quarter. Engineers Gate Manager LP now owns 20,821 shares of the company’s stock valued at $209,000 after purchasing an additional 2,982 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of EverCommerce during the second quarter worth $125,000. BlackRock Inc. purchased a new position in EverCommerce in the second quarter valued at $10,724,000. Deutsche Bank AG purchased a new position in EverCommerce in the second quarter valued at $144,000. Finally, Bank of New York Mellon Corp acquired a new stake in EverCommerce in the second quarter valued at $324,000. 97.91% of the stock is owned by institutional investors and hedge funds.

EverCommerce Company Profile

EverCommerce Inc is a provider of integrated software and payment solutions designed primarily for small and midsize service-based businesses. Its cloud-based technology helps customers manage daily operations, including scheduling, customer relationship management, billing, payment processing, marketing, business reporting and communications.

The company serves a range of vertical markets, including home and field services, health and wellness, fitness, education, veterinary care, and other personal and professional services.