EverCommerce Inc. (NASDAQ:EVCM) CEO Eric Richard Remer has recently sold shares of the company's stock, according to a new SEC filing. The transactions, which took place over a three-day period, involved the sale of common stock with a total value exceeding $190,000.
Remer, who serves as both a director and the Chief Executive Officer of EverCommerce, sold 6,807 shares on September 24 at a weighted average price of $10.6269, 5,212 shares on September 25 at an average price of $10.482, and 6,158 shares on September 26 at an average price of $10.4705. The sales occurred at prices ranging from $10.43 to $10.70, as detailed in the footnotes of the filing.
Following these transactions, Remer still holds a significant number of shares in the company, both directly and indirectly. The indirect holdings are through entities such as Buckrail Partners, LLC, the EMJ Remer Family Trust, the Remer Family Trust, and Family Trust 1.
The filing also noted that the sales were conducted under a Rule 10b5-1 trading plan, which was established on June 14, 2024. This plan allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information, to avoid any accusations of insider trading.
Investors often monitor insider buying and selling as it can provide insights into how executives perceive the company's prospects. This recent activity by the CEO of EverCommerce may be of interest to current and potential shareholders as they assess the company's stock performance and future outlook.
In other recent news, EverCommerce has made significant changes to its Board of Directors, with Alexi Wellman being elected as a Class II director and Debby Soo resigning from her position. Wellman, who brings a wealth of financial management and corporate governance experience, will also join the Audit Committee. These changes follow a series of noteworthy developments for EverCommerce, including exceeding Q2 2024 revenue expectations with a reported revenue of $177.4 million, marking a 4.3% year-over-year increase. Adjusted EBITDA reached $41.2 million, a 23.2% margin. Payments revenue, excluding fitness solutions, saw an 8% YoY increase, propelled by an 8.4% growth in total payment volume. The company also reported significant growth in cross-selling, with 199,000 customers enabled for more than one solution, marking a 25% YoY increase. Looking ahead, EverCommerce expects Q3 total revenue to be between $172 million and $176 million, with adjusted EBITDA projections set at $39 million to $42 million. These recent developments highlight EverCommerce's ongoing focus on profitability and generating significant free cash flow.
InvestingPro Insights
As investors digest the news of EverCommerce Inc. (NASDAQ:EVCM) CEO Eric Richard Remer's recent stock sale, it's crucial to consider the company's financial health and market performance. According to InvestingPro data, EverCommerce currently holds a market capitalization of approximately $1.93 billion. Despite a challenging past year, the company has managed a revenue growth of 6.23% over the last twelve months as of Q2 2024. This growth is reflected in the company's gross profit margin, which stands at a robust 66.02% for the same period.
InvestingPro Tips for EverCommerce suggest a mixed outlook. While analysts expect net income growth this year, indicating potential profitability, there's also a note of caution: six analysts have revised their earnings estimates downwards for the upcoming period. This could signal that while the company is on a path to profitability, there may be bumps along the way. Additionally, the company is trading at high EBIT and EBITDA valuation multiples, which could imply that the stock is priced optimistically relative to its earnings before interest and taxes.
For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available on https://www.investing.com/pro/EVCM. These tips could provide further insights into EverCommerce's valuation, expected performance, and investment risks, helping to inform a more nuanced investment strategy.
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