Wall Street Zen Downgrades EverQuote (NASDAQ:EVER) to Hold

Key Points

• Wall Street Zen downgraded EverQuote from “buy” to “hold,” although the broader analyst consensus remains “Moderate Buy,” with six Buy ratings and two Hold ratings and an average price target of $25.67.
• EverQuote recently exceeded quarterly expectations, reporting $0.53 in EPS versus $0.52 expected and $195.09 million in revenue versus $191.06 million forecast; revenue grew 24.6% year over year.
• Shares opened at $25.71, near the consensus target, while insiders sold 27,586 shares worth approximately $629,000 over the past 90 days; institutional investors own 91.54% of the stock.

EverQuote (NASDAQ:EVER - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday.

Other analysts have also issued reports about the company. Weiss Ratings raised EverQuote from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 15th. B. Riley Financial restated a "buy" rating and issued a $34.00 target price (up from $30.00) on shares of EverQuote in a report on Tuesday. JPMorgan Chase & Co. lifted their target price on EverQuote from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Tuesday, May 5th. Finally, Needham & Company LLC upped their price target on EverQuote from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, EverQuote has a consensus rating of "Moderate Buy" and a consensus price target of $25.67.

EverQuote Price Performance

Shares of NASDAQ EVER opened at $25.71 on Friday. The stock has a market capitalization of $926.33 million, a P/E ratio of 8.35 and a beta of 0.62. The company has a 50-day moving average price of $23.19 and a 200-day moving average price of $19.47. EverQuote has a 1 year low of $13.88 and a 1 year high of $28.73.

EverQuote (NASDAQ:EVER - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.01. EverQuote had a net margin of 15.16% and a return on equity of 50.29%. The company had revenue of $195.09 million for the quarter, compared to analyst estimates of $191.06 million. During the same quarter in the prior year, the business posted $0.39 EPS. The firm's revenue was up 24.6% compared to the same quarter last year. As a group, equities research analysts anticipate that EverQuote will post 1.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other EverQuote news, CTO David Brainard sold 4,960 shares of EverQuote stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $25.51, for a total transaction of $126,529.60. Following the transaction, the chief technology officer owned 165,336 shares of the company's stock, valued at $4,217,721.36. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joseph Sanborn sold 6,667 shares of the business's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.63, for a total value of $164,208.21. Following the completion of the transaction, the chief financial officer owned 311,908 shares in the company, valued at $7,682,294.04. The trade was a 2.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 27,586 shares of company stock valued at $629,114. Corporate insiders own 23.68% of the company's stock.

Institutional Trading of EverQuote

A number of hedge funds have recently bought and sold shares of EVER. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in EverQuote by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,007 shares of the company's stock valued at $393,000 after purchasing an additional 624 shares during the period. Cetera Investment Advisers raised its stake in shares of 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 period. Comerica Bank raised its stake in shares of EverQuote by 235.4% in the third quarter. Comerica Bank now owns 1,100 shares of the company's stock valued at $25,000 after buying an additional 772 shares during the period. Legal & General Group Plc lifted its position in shares of EverQuote by 3.3% during the 3rd quarter. Legal & General Group Plc now owns 24,301 shares of the company's stock valued at $556,000 after buying an additional 776 shares during the last quarter. Finally, Zacks Investment Management lifted its position in shares of EverQuote by 1.2% during the 4th quarter. Zacks Investment Management now owns 66,281 shares of the company's stock valued at $1,790,000 after buying an additional 782 shares during the last quarter. 91.54% of the stock is currently owned by institutional investors.

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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