Eric Richard Remer, the CEO of EverCommerce Inc. (NASDAQ:EVCM), has sold shares of the company worth approximately $139,104, according to a recent SEC filing. The transactions, executed over three consecutive days, involved the sale of 5,088 shares on October 15 at a weighted average price of $10.4843, 4,834 shares on October 16 at $10.5808, and 3,241 shares on October 17 at $10.6796. These sales were conducted under a pre-arranged Rule 10b5-1 trading plan established in June 2024. Following these transactions, Remer maintains a substantial ownership stake, with over 8 million shares held indirectly through Buckrail Partners, LLC.
In other recent news, EverCommerce Inc. has seen significant developments. The company reported Q2 2024 revenue of $177.4 million, a 4.3% year-over-year increase. When excluding the sale of fitness assets, the pro forma revenue growth stood at 6%. The company's adjusted EBITDA reached $41.2 million, marking a 23.2% margin. Payments revenue, excluding fitness solutions, saw an 8% YoY increase, propelled by an 8.4% growth in total payment volume.
EverCommerce also announced the appointment of Alexi Wellman to its Board of Directors, a move expected to strengthen its growth strategy given Wellman's extensive background in financial management and corporate governance. Concurrently, EverCommerce announced the departure of current Board member Debby Soo, effective October 31, 2024. 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 the company's ongoing focus on profitability and generating significant free cash flow.
InvestingPro Insights
While CEO Eric Richard Remer's recent share sales have caught investors' attention, it's crucial to consider EverCommerce Inc.'s (NASDAQ:EVCM) broader financial picture. According to InvestingPro data, the company's market capitalization stands at $1.98 billion, with a revenue of $691.69 million for the last twelve months as of Q2 2023. Despite a modest revenue growth of 6.23% over this period, EverCommerce is not currently profitable, as reflected in its negative P/E ratio of -69.68.
InvestingPro Tips suggest that while net income is expected to grow this year, and analysts predict the company will become profitable, there are some challenges ahead. Six analysts have revised their earnings downwards for the upcoming period, indicating potential headwinds. The company's high EBIT and EBITDA valuation multiples also suggest it may be trading at a premium compared to its peers.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for EverCommerce, providing a deeper dive into the company's financial health and market position. These insights could be particularly valuable given the recent insider selling activity and the company's current valuation metrics.
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