EverCommerce Inc. (NASDAQ:EVCM) Short Interest Up 19.6% in August

EverCommerce Inc. (NASDAQ:EVCM) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,010,000 shares, an increase of 19.6% from the August 15th total of 844,600 shares. Based on an average daily trading volume, of 171,800 shares, the days-to-cover ratio is currently 5.9 days. Currently, 6.6% of the shares of the company are short sold.

EverCommerce Trading Up 3.6 %

Shares of EverCommerce stock traded up $0.37 during mid-day trading on Friday, hitting $10.69. 97,550 shares of the stock were exchanged, compared to its average volume of 152,086. EverCommerce has a twelve month low of $6.22 and a twelve month high of $12.35. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of -50.90 and a beta of 1.08. The company has a 50-day simple moving average of $10.83 and a 200 day simple moving average of $10.07. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.67.

EverCommerce (NASDAQ:EVCM) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $177.39 million for the quarter, compared to analyst estimates of $171.88 million. EverCommerce had a negative return on equity of 5.33% and a negative net margin of 6.31%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. Research analysts forecast that EverCommerce will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other EverCommerce news, CEO Eric Richard Remer sold 3,992 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $11.07, for a total transaction of $44,191.44. Following the completion of the transaction, the chief executive officer now owns 1,254,286 shares in the company, valued at approximately $13,884,946.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders sold 8,477 shares of company stock worth $93,840. 11.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Edgestream Partners L.P. bought a new stake in EverCommerce during the first quarter valued at $123,000. The Manufacturers Life Insurance Company lifted its holdings in EverCommerce by 10.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,360 shares of the company’s stock valued at $125,000 after acquiring an additional 1,089 shares during the last quarter. Quest Partners LLC acquired a new stake in EverCommerce in the 4th quarter valued at about $135,000. Renaissance Technologies LLC lifted its holdings in EverCommerce by 19.4% in the 2nd quarter. Renaissance Technologies LLC now owns 16,600 shares of the company’s stock valued at $182,000 after acquiring an additional 2,700 shares during the last quarter. Finally, RIA Advisory Group LLC acquired a new stake in EverCommerce in the 1st quarter valued at about $242,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective 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. Deutsche Bank Aktiengesellschaft upped their price target on shares of EverCommerce from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI upped their price target on shares of EverCommerce from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.45.

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.