Eric Richard Remer, the Chief Executive Officer of EverCommerce Inc. (NASDAQ:EVCM), has sold shares worth approximately $513,596 over the past few days. According to a recent SEC filing, Remer executed these sales as part of a pre-arranged Rule 10b5-1 trading plan.
The transactions, conducted on November 5, 6, and 7, involved the sale of a total of 44,669 shares of EverCommerce common stock. The shares were sold at prices ranging from $10.9729 to $11.7333 per share. Following these transactions, Remer, through Buckrail Partners, LLC, holds a total of 8,005,806 shares.
These stock sales are part of Remer's ongoing trading activities and reflect his continued management of equity holdings in EverCommerce. The trades were executed according to a trading plan established in June 2024, ensuring compliance with insider trading regulations.
In other recent news, EverCommerce, a Denver-based software services provider, announced significant changes to its Board of Directors. The company elected Alexi Wellman, a figure with extensive financial management and corporate governance experience, as a Class II director. Concurrently, Debby Soo has stepped down from her position on the Board.
These recent developments at EverCommerce also include noteworthy financial results. The company's Q2 2024 revenue surpassed expectations, reaching $177.4 million, a 4.3% increase year-over-year. When the sale of fitness assets is excluded, the pro forma revenue growth stands at 6%. The firm's adjusted EBITDA reached $41.2 million, marking a 23.2% margin.
EverCommerce also reported an 8% year-over-year increase in payments revenue, excluding fitness solutions, driven by an 8.4% growth in total payment volume. The company has seen significant growth in cross-selling, with 199,000 customers now using more than one solution, a 25% increase year-over-year. For Q3, EverCommerce anticipates total revenue to fall between $172 million and $176 million, with adjusted EBITDA projections ranging from $39 million to $42 million.
InvestingPro Insights
To provide additional context to Eric Richard Remer's recent stock sales, let's examine some key financial metrics and insights from InvestingPro for EverCommerce Inc. (NASDAQ:EVCM).
According to InvestingPro data, EverCommerce's market capitalization stands at $2.19 billion. The company's revenue for the last twelve months as of Q2 2023 was $691.69 million, with a revenue growth of 6.23% over the same period. This growth trend aligns with an InvestingPro Tip suggesting that net income is expected to grow this year.
Interestingly, despite the CEO's recent stock sales, EverCommerce's stock has shown strong performance recently. The company has seen a significant 10.83% return over the last week and an impressive 18.46% return over the last month. This positive momentum is reflected in another InvestingPro Tip, which notes that the stock is trading near its 52-week high, with the current price at 96.11% of that peak.
However, investors should be aware that EverCommerce is currently not profitable over the last twelve months, as indicated by an InvestingPro Tip. This is further evidenced by the negative P/E ratio of -51.12. Despite this, analysts predict that the company will be profitable this year, which could explain the recent stock price strength.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for EverCommerce, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.