EverQuote (NASDAQ:EVER) Trading Down 4.8% – Here’s What Happened

EverQuote, Inc. (NASDAQ:EVER) shares fell 4.8% on Tuesday . The company traded as low as $26.56 and last traded at $26.22. Approximately 343,549 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 873,372 shares. The stock had previously closed at $27.54.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on EVER. Needham & Company LLC reiterated a “buy” rating and set a $25.00 target price on shares of EverQuote in a research report on Tuesday, May 5th. Wall Street Zen downgraded shares of EverQuote from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. JPMorgan Chase & Co. lifted their target price on shares of EverQuote from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings raised EverQuote from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.17.

EverQuote Trading Down 7.5%

The firm has a market capitalization of $896.79 million, a P/E ratio of 8.47 and a beta of 0.61. The business’s 50 day simple moving average is $21.63 and its two-hundred day simple moving average is $19.46.

EverQuote (NASDAQ:EVER) last released its quarterly earnings data on Monday, May 4th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. The business had revenue of $190.85 million for the quarter, compared to analysts’ expectations of $180.10 million. EverQuote had a return on equity of 53.39% and a net margin of 15.35%.The firm’s quarterly revenue was up 14.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 EPS. Analysts predict that EverQuote, Inc. will post 1.72 EPS for the current fiscal year.

Insider Activity

In other news, CAO Jon Ayotte sold 4,611 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $24.15, for a total value of $111,355.65. Following the transaction, the chief accounting officer directly owned 74,580 shares in the company, valued at $1,801,107. This trade represents a 5.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Brainard sold 9,942 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $19.42, for a total transaction of $193,073.64. Following the completion of the transaction, the chief technology officer owned 180,493 shares in the company, valued at $3,505,174.06. This trade represents a 5.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 57,891 shares of company stock valued at $1,243,447 in the last ninety days. 23.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EverQuote

A number of institutional investors and hedge funds have recently bought and sold shares of EVER. Hennion & Walsh Asset Management Inc. raised its stake in EverQuote by 3.5% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 37,732 shares of the company’s stock valued at $898,000 after purchasing an additional 1,278 shares during the period. Pacer Advisors Inc. increased its position in shares of EverQuote by 81.9% during the 1st quarter. Pacer Advisors Inc. now owns 214,947 shares of the company’s stock valued at $3,314,000 after purchasing an additional 96,796 shares during the last quarter. Segall Bryant & Hamill LLC raised its stake in shares of EverQuote by 76.5% in the first quarter. Segall Bryant & Hamill LLC now owns 69,803 shares of the company’s stock valued at $1,076,000 after acquiring an additional 30,250 shares during the period. Amundi raised its position in EverQuote by 198.5% in the 1st quarter. Amundi now owns 119,848 shares of the company’s stock worth $1,848,000 after purchasing an additional 79,700 shares during the period. Finally, Royal Bank of Canada raised its holdings in shares of EverQuote by 15.2% in the first quarter. Royal Bank of Canada now owns 60,404 shares of the company’s stock worth $931,000 after buying an additional 7,959 shares during the period. 91.54% of the stock is owned by institutional investors.

EverQuote Company Profile

EverQuote, Inc operates an online insurance marketplace that connects consumers with insurance providers across the United States. Founded in 2011 and headquartered in Cambridge, Massachusetts, the company leverages proprietary technology to match individuals seeking coverage with insurers offering competitive rates. Since its initial public offering in 2020, EverQuote has focused on expanding its digital platform and enhancing the efficiency of its lead-generation processes.

The company’s core business centers on a quote-comparison engine for personal auto, home, and health insurance products.