Wall Street Zen Upgrades EverQuote (NASDAQ:EVER) to "Buy"

Key Points

• Wall Street Zen upgraded EverQuote from “hold” to “buy,” adding to a generally positive analyst backdrop that now shows six Buy ratings and two Holds. MarketBeat says the stock’s consensus rating is “Moderate Buy” with an average price target of $24.17.
• EverQuote reported strong quarterly results, beating expectations with EPS of $0.51 versus $0.43 estimated and revenue of $190.85 million versus $180.10 million expected. Revenue rose 14.6% year over year, and the company’s net margin and return on equity were 15.35% and 53.39%, respectively.
• Insiders have been selling shares, including CFO Joseph Sanborn and CTO David Brainard, with 34,259 shares sold over the last 90 days worth about $682,955. Even so, institutional ownership remains high at 91.54%.

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

A number of other analysts have also recently weighed in on EVER. Weiss Ratings upgraded shares of EverQuote from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 15th. Raymond James Financial reaffirmed an "outperform" rating and issued a $18.00 target price on shares of EverQuote in a report on Tuesday, February 17th. B. Riley Financial decreased their price objective on shares of EverQuote from $36.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, February 24th. Craig Hallum restated a "buy" rating and set a $20.00 target price on shares of EverQuote in a research report on Tuesday, February 24th. Finally, Canaccord Genuity Group cut their target price on shares of EverQuote from $33.00 to $28.00 and set a "buy" rating for the company in a research report on Tuesday, February 24th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $24.17.

EverQuote Stock Performance

EVER opened at $19.24 on Friday. EverQuote has a fifty-two week low of $13.88 and a fifty-two week high of $28.73. The company has a fifty day moving average of $17.05 and a two-hundred day moving average of $20.53. The stock has a market capitalization of $693.22 million, a price-to-earnings ratio of 6.54 and a beta of 0.56.

EverQuote (NASDAQ:EVER - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.51 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $180.10 million. During the same period in the prior year, the firm posted $0.21 EPS. The company's quarterly revenue was up 14.6% compared to the same quarter last year. On average, equities research analysts forecast that EverQuote will post 2.06 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Joseph Sanborn sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $20.70, for a total value of $414,000.00. Following the completion of the sale, the chief financial officer directly owned 337,660 shares in the company, valued at approximately $6,989,562. The trade was a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO David Brainard sold 9,942 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $19.42, for a total transaction of $193,073.64. Following the completion of the sale, the chief technology officer owned 180,493 shares of the company's stock, valued at approximately $3,505,174.06. The trade was a 5.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 34,259 shares of company stock valued at $682,955. 25.52% of the stock is owned by insiders.

Institutional Investors Weigh In On EverQuote

A number of institutional investors have recently bought and sold shares of the stock. Comerica Bank grew its stake 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 during the period. Signature Equity Partners LLC grew its stake in EverQuote by 65.5% during the first quarter. Signature Equity Partners LLC now owns 2,127 shares of the company's stock worth $33,000 after buying an additional 842 shares during the period. NewEdge Advisors LLC purchased a new stake in EverQuote during the third quarter worth approximately $52,000. Clearstead Advisors LLC lifted its position in shares of EverQuote by 70.5% during the fourth quarter. Clearstead Advisors LLC now owns 1,997 shares of the company's stock worth $54,000 after purchasing an additional 826 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in shares of EverQuote by 595.8% during the third quarter. Jones Financial Companies Lllp now owns 2,623 shares of the company's stock worth $62,000 after purchasing an additional 2,246 shares in the last quarter. 91.54% of the stock is currently owned by hedge funds and other 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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