EverQuote (NASDAQ:EVER) Shares Gap Down - What's Next?

Key Points

• EverQuote's share price dropped significantly from a prior close of $25.76 to an opening price of $23.67 on Tuesday.
• Analysts are generally optimistic, with a consensus rating of “Buy” and a price target averaging $32.50 for EverQuote stock.
• The company reported a quarterly earnings per share of $0.39, exceeding expectations, and noted a 33.7% year-over-year revenue increase.

EverQuote, Inc. (NASDAQ:EVER - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $25.76, but opened at $23.67. EverQuote shares last traded at $24.38, with a volume of 157,409 shares trading hands.

Analyst Ratings Changes

EVER has been the subject of a number of recent research reports. Needham & Company LLC reissued a "buy" rating and issued a $38.00 price objective on shares of EverQuote in a research note on Tuesday. JPMorgan Chase & Co. increased their price target on shares of EverQuote from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, EverQuote currently has an average rating of "Buy" and a consensus target price of $32.40.

EverQuote Stock Performance

The stock has a fifty day moving average of $24.67 and a 200-day moving average of $23.95. The company has a market cap of $848.35 million, a PE ratio of 19.15 and a beta of 0.37.

EverQuote (NASDAQ:EVER - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.04. The company had revenue of $156.63 million for the quarter, compared to analysts' expectations of $157.19 million. EverQuote had a return on equity of 36.90% and a net margin of 7.57%. EverQuote's revenue was up 33.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 earnings per share. As a group, equities analysts anticipate that EverQuote, Inc. will post 0.72 EPS for the current fiscal year.

Insider Activity

In related news, CFO Joseph Sanborn sold 1,063 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $24.13, for a total transaction of $25,650.19. Following the sale, the chief financial officer owned 261,390 shares of the company's stock, valued at $6,307,340.70. This trade represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO David Brainard sold 6,609 shares of EverQuote stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $23.54, for a total value of $155,575.86. Following the completion of the transaction, the chief technology officer owned 142,665 shares in the company, valued at $3,358,334.10. This trade represents a 4.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,162 shares of company stock valued at $1,524,781. 29.79% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Intech Investment Management LLC increased its position in shares of EverQuote by 8.7% during the second quarter. Intech Investment Management LLC now owns 17,273 shares of the company's stock worth $418,000 after purchasing an additional 1,384 shares in the last quarter. Cetera Investment Advisers raised its stake in EverQuote by 4.3% in the second quarter. Cetera Investment Advisers now owns 16,204 shares of the company's stock valued at $392,000 after buying an additional 675 shares during the last quarter. Creative Planning boosted its holdings in EverQuote by 32.4% in the second quarter. Creative Planning now owns 10,526 shares of the company's stock worth $255,000 after acquiring an additional 2,576 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its holdings in EverQuote by 23.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 6,268 shares of the company's stock worth $152,000 after acquiring an additional 1,178 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of EverQuote by 3.8% during the second quarter. Geode Capital Management LLC now owns 650,471 shares of the company's stock worth $15,730,000 after acquiring an additional 23,582 shares during the last quarter. Institutional investors own 91.54% of the company's stock.

About EverQuote

EverQuote, Inc operates an online marketplace for insurance shopping in the United States. The company offers auto, home and renters, and life insurance. The company serves carriers and agents, as well as indirect distributors. The company was formerly known as AdHarmonics, Inc, and changed its name to EverQuote, Inc in November 2014.