i3 Verticals, Inc. Class A (IIIV)

Over the past six months, i3 Verticals divested its Healthcare RCM Business on May 6, 2025, and reported its Second Quarter 2025 financial results on May 8, 2025, also announcing the completion of an acquisition of a utility billing software company. The company announced its participation in several investor conferences in June 2025. On August 7, 2025, i3 Verticals reported its Third Quarter 2025 financial results, after which several analysts raised their price targets for IIIV. Insider selling activity was reported in late August and early September 2025. On October 1, 2025, Zacks Research downgraded i3 Verticals' stock, while Weiss Ratings restated a "buy" rating on October 8, 2025. i3 Verticals announced an expanded partnership with the West Virginia Supreme Court on October 20, 2025, and the stock reached a new 52-week high of $33.75 on October 25, 2025. Overall, the stock has seen a 31.75% increase in the last six months and a 40.58% increase over the past year.

Specific seasonality patterns for i3 Verticals' products and services are not explicitly detailed in the provided information. Increased costs from investments in Justice products would begin to be felt in Q4, with revenue impact likely appearing in fiscal year 2026, which could suggest some seasonality in project implementation and revenue recognition.

i3 Verticals, Inc. delivers integrated payment and software solutions to SMBs and organizations in specialized vertical markets, focusing on deep domain expertise and tailored solutions within sectors such as the public sector, healthcare, and non-profit organizations. The company has transitioned to a pure-play software solutions provider for the public sector after divesting its Healthcare Revenue Cycle Management (RCM) business and Merchant Services business. Major products and solutions include JusticeTech and Public Safety solutions, Transportation solutions, Utilities, Enterprise Resource Planning (ERP) products, and Education solutions.

i3 Verticals primarily operates within the United States, serving a diverse range of clients across various states, with its headquarters in Nashville, Tennessee. The company also has a presence in Canada for some of its software solutions.

i3 Verticals' brand reputation has been generally positive, with a consensus rating of "Moderate Buy" from Wall Street analysts. The expanded partnership with the West Virginia Supreme Court in October 2025 was a notable positive event. Zacks Research did issue a "strong sell" rating in October 2025.

i3 Verticals, Inc. has a significant institutional ownership base, with institutional investors holding approximately 89.7% of the company's shares. Major institutional shareholders include T. Rowe Price Investment Management, Inc., Geneva Capital Management Llc, Vanguard Group Inc, BlackRock, Inc., Crosslink Capital Inc, Ranger Investment Management, L.P., AltraVue Capital, LLC, Long Path Partners LP, Portolan Capital Management, LLC, and OTCFX - T. Rowe Price Small-Cap Stock Fund, Inc. Individual insiders hold about 5.94% of the shares.