Divisadero Street Capital Management LP Decreases Stake in EverQuote, Inc. $EVER

Key Points

• Divisadero Street Capital Management LP cut its stake in EverQuote by 58.6% in Q3, selling 265,631 shares and retaining 187,589 shares (about 0.52% of the company) valued at roughly $4.29 million.
• Company insiders — including CTO David Brainard and CEO Jayme Mendal — sold stock during the quarter (totaling 55,249 shares worth about $1.24 million), though insiders still own 25.52% of EverQuote.
• EverQuote reported a strong quarter with $1.54 EPS (vs. $0.35 expected) and revenue of $195.3M (+32.3% YoY), but several analysts have cut price targets leaving a consensus rating of “Moderate Buy” and a $23.83 target.

Divisadero Street Capital Management LP cut its stake in shares of EverQuote, Inc. (NASDAQ:EVER - Free Report) by 58.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 187,589 shares of the company's stock after selling 265,631 shares during the quarter. Divisadero Street Capital Management LP owned about 0.52% of EverQuote worth $4,290,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in EVER. Comerica Bank boosted its holdings in EverQuote by 235.4% during the third quarter. Comerica Bank now owns 1,100 shares of the company's stock worth $25,000 after buying an additional 772 shares in the last quarter. Versant Capital Management Inc increased its holdings in EverQuote by 108.9% in the third quarter. Versant Capital Management Inc now owns 1,153 shares of the company's stock valued at $26,000 after buying an additional 601 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of EverQuote by 595.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,623 shares of the company's stock valued at $62,000 after acquiring an additional 2,246 shares during the period. Ameritas Investment Partners Inc. boosted its stake in shares of EverQuote by 25.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,796 shares of the company's stock worth $68,000 after acquiring an additional 573 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of EverQuote by 271.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,259 shares of the company's stock worth $79,000 after acquiring an additional 2,381 shares in the last quarter. Institutional investors and hedge funds own 91.54% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Needham & Company LLC dropped their price objective on EverQuote from $40.00 to $25.00 and set a "buy" rating for the company in a research note on Tuesday, February 24th. Zacks Research downgraded EverQuote from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 26th. Weiss Ratings reissued a "hold (c)" rating on shares of EverQuote in a report on Thursday, January 22nd. B. Riley Financial cut their price target on EverQuote from $36.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, February 24th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of EverQuote from $32.00 to $22.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 24th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $23.83.

Insider Activity

In other EverQuote news, CTO David Brainard sold 5,709 shares of the business's stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $25.05, for a total value of $143,010.45. Following the completion of the transaction, the chief technology officer directly owned 101,603 shares in the company, valued at approximately $2,545,155.15. The trade was a 5.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jayme Mendal sold 14,360 shares of the company's stock in a transaction on Friday, February 20th. The shares were sold at an average price of $14.98, for a total value of $215,112.80. Following the completion of the transaction, the chief executive officer owned 541,777 shares of the company's stock, valued at $8,115,819.46. The trade was a 2.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 55,249 shares of company stock valued at $1,238,364 over the last quarter. Insiders own 25.52% of the company's stock.

EverQuote Stock Performance

EVER stock opened at $16.49 on Monday. EverQuote, Inc. has a 1 year low of $13.93 and a 1 year high of $30.03. The stock's 50 day moving average price is $19.58 and its 200 day moving average price is $22.59. The firm has a market cap of $594.13 million, a P/E ratio of 6.25 and a beta of 0.55.

EverQuote (NASDAQ:EVER - Get Free Report) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.54 earnings per share for the quarter, topping the consensus estimate of $0.35 by $1.19. EverQuote had a return on equity of 57.65% and a net margin of 14.34%.The company had revenue of $195.32 million during the quarter, compared to the consensus estimate of $176.82 million. During the same quarter last year, the business posted $0.33 earnings per share. EverQuote's revenue was up 32.3% compared to the same quarter last year. On average, research analysts predict that EverQuote, Inc. will post 0.72 earnings per share for the current year.

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.

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