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

EverCommerce Inc. (NASDAQ:EVCM) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 826,500 shares, a growth of 25.4% from the May 31st total of 659,200 shares. Based on an average daily volume of 200,200 shares, the short-interest ratio is currently 4.1 days. Approximately 5.3% of the shares of the stock are sold short.

EverCommerce Stock Performance

NASDAQ:EVCM opened at $10.94 on Tuesday. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.66. The business’s 50-day simple moving average is $9.92 and its 200-day simple moving average is $9.81. EverCommerce has a fifty-two week low of $6.22 and a fifty-two week high of $12.32.

EverCommerce (NASDAQ:EVCM) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The company had revenue of $170.10 million for the quarter, compared to the consensus estimate of $162.11 million. EverCommerce had a negative return on equity of 4.92% and a negative net margin of 6.02%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.11) EPS. Research analysts anticipate that EverCommerce will post -0.08 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Eric Richard Remer sold 14,502 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $10.16, for a total transaction of $147,340.32. Following the transaction, the chief executive officer now owns 1,277,559 shares in the company, valued at approximately $12,979,999.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Eric Richard Remer sold 14,502 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $10.16, for a total value of $147,340.32. Following the completion of the sale, the chief executive officer now owns 1,277,559 shares of the company’s stock, valued at $12,979,999.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Marc Christopher Thompson sold 4,701 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $10.16, for a total transaction of $47,762.16. Following the completion of the transaction, the chief financial officer now owns 1,198,110 shares of the company’s stock, valued at approximately $12,172,797.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,822 shares of company stock worth $644,732. 11.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EVCM. Edgestream Partners L.P. bought a new position in shares of EverCommerce during the 1st quarter worth approximately $123,000. Quest Partners LLC bought a new position in shares of EverCommerce in the 4th quarter valued at about $135,000. RIA Advisory Group LLC bought a new stake in EverCommerce during the first quarter worth about $242,000. Raymond James Financial Services Advisors Inc. boosted its position in EverCommerce by 7.0% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 23,000 shares of the company’s stock valued at $254,000 after purchasing an additional 1,500 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in EverCommerce in the fourth quarter valued at approximately $391,000. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EVCM. JMP Securities reissued a “market outperform” rating and set a $12.00 price objective on shares of EverCommerce in a report on Friday, March 15th. Piper Sandler restated a “neutral” rating and issued a $10.00 price objective on shares of EverCommerce in a report on Friday, March 15th. Royal Bank of Canada lowered their target price on shares of EverCommerce from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Oppenheimer increased their price target on EverCommerce from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, May 10th. Finally, Canaccord Genuity Group lifted their price objective on EverCommerce from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.40.

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.