Eric Remer, the Chief Executive Officer of EverCommerce Inc. (NASDAQ:EVCM), recently sold shares of the company valued at approximately $289,589. The transactions occurred over three consecutive days, from December 10 to December 12, 2024. The shares were sold at prices ranging from $11.8952 to $12.0581 per share. According to InvestingPro data, these sales occurred as EVCM trades near its 52-week high of $12.35, with the stock showing strong momentum, up 26% over the past six months.
The sales were conducted through Buckrail Partners, LLC, an entity associated with Remer. Following these transactions, Remer retains indirect ownership of 7,921,059 shares through Buckrail Partners, LLC. Additionally, he holds direct ownership of 1,184,559 shares and indirect ownership through various family trusts, totaling 1,064,999 shares. The company, currently valued at $2.2 billion, appears undervalued according to InvestingPro's Fair Value analysis.
These trades were part of a pre-established Rule 10b5-1 trading plan, designed to allow insiders to set up a schedule for selling shares in advance, thereby avoiding concerns about insider trading. While the company wasn't profitable in the last twelve months, InvestingPro analysis indicates expected profitability this year. For deeper insights into EVCM's valuation and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, EverCommerce reported a modest increase in Q3 revenue growth, with total revenue reaching $176.3 million, a 0.9% increase year-over-year. The company's adjusted EBITDA rose to $44.5 million, a sign of solid performance, particularly in the payments and subscription services sectors. However, the company experienced a shortfall in Marketing Technology Solutions revenue, which is expected to lead to year-over-year declines.
EverCommerce anticipates Q4 2024 revenue to be between $168 million and $172 million, with adjusted EBITDA of $43 million to $46 million. The company remains optimistic about its direction, focusing on cross-sell and upsell opportunities, especially in the Payments sector.
EverCommerce's CEO Eric Remer and CFO Ryan Siurek emphasized the company's commitment to transformation and optimization initiatives during the Q3 2024 earnings call. Despite a slight dip in Net Revenue Retention (NRR) due to past pricing changes, the company expects stabilization by the end of 2024. These are among the recent developments that investors should be aware of.
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