EverQuote (NASDAQ:EVER) Stock Rating Upgraded by Wall Street Zen

Key Points

• EverQuote was upgraded by Wall Street Zen from hold to buy, adding to a generally positive analyst backdrop. The stock now has a Moderate Buy consensus rating with an average price target of $24.17.
• EverQuote recently posted strong quarterly results, with earnings of $0.51 per share beating estimates and revenue of $190.85 million topping expectations. Revenue rose 14.6% year over year, and the company’s return on equity was 53.39%.
• There has also been notable insider selling and rising institutional ownership. CFO Joseph Sanborn and CTO David Brainard both sold shares, while institutional investors such as Pacer Advisors and Amundi increased their stakes significantly.

EverQuote (NASDAQ:EVER - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

EVER has been the topic of a number of other research reports. JPMorgan Chase & Co. upped their price target on EverQuote from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of EverQuote in a research note on Tuesday, May 5th. Canaccord Genuity Group reduced their price objective on EverQuote from $33.00 to $28.00 and set a "buy" rating for the company in a report on Tuesday, February 24th. B. Riley Financial decreased their target price on EverQuote from $36.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, February 24th. Finally, Weiss Ratings raised EverQuote from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 15th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, EverQuote currently has a consensus rating of "Moderate Buy" and an average price target of $24.17.

EverQuote Price Performance

Shares of EVER opened at $20.16 on Friday. EverQuote has a 52-week low of $13.88 and a 52-week high of $28.73. The company has a 50-day simple moving average of $18.29 and a 200-day simple moving average of $19.94. The company has a market capitalization of $726.36 million, a PE ratio of 6.86 and a beta of 0.65.

EverQuote (NASDAQ:EVER - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. EverQuote had a net margin of 15.35% and a return on equity of 53.39%. The company had revenue of $190.85 million for the quarter, compared to analyst estimates of $180.10 million. During the same period in the prior year, the business posted $0.21 earnings per share. The firm's revenue for the quarter was up 14.6% compared to the same quarter last year. On average, research analysts anticipate that EverQuote will post 1.99 EPS for the current year.

Insider Activity

In other news, CFO Joseph Sanborn sold 6,666 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $19.28, for a total value of $128,520.48. Following the sale, the chief financial officer directly owned 327,820 shares in the company, valued at $6,320,369.60. This represents a 1.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO David Brainard sold 9,942 shares of EverQuote stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $19.42, for a total value of $193,073.64. Following the transaction, the chief technology officer owned 180,493 shares of the company's stock, valued at $3,505,174.06. This represents a 5.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 41,814 shares of company stock worth $829,255 in the last ninety days. Insiders own 23.68% of the company's stock.

Institutional Trading of EverQuote

A number of large investors have recently made changes to their positions in EVER. Pacer Advisors Inc. raised its stake in EverQuote by 81.9% in 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 lifted its holdings in EverQuote by 76.5% in the 1st quarter. Segall Bryant & Hamill LLC now owns 69,803 shares of the company's stock valued at $1,076,000 after purchasing an additional 30,250 shares in the last quarter. Amundi grew its holdings in shares of EverQuote by 198.5% during the first quarter. Amundi now owns 119,848 shares of the company's stock worth $1,848,000 after buying an additional 79,700 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of EverQuote by 15.2% during 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 in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of EverQuote by 254.6% in the first quarter. Quantinno Capital Management LP now owns 115,013 shares of the company's stock valued at $1,774,000 after buying an additional 82,579 shares during the last quarter. Institutional investors and hedge funds own 91.54% of the company's stock.

About EverQuote

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.

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