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. The stock now has a consensus rating of “Moderate Buy” with a consensus target price of $24.17.
• EverQuote reported strong quarterly results, with EPS of $0.51 beating estimates of $0.43 and revenue of $190.85 million topping expectations. Revenue rose 14.6% year over year, and the company’s net margin and return on equity were also solid.
• Insiders and institutions remain active in the stock. Several executives sold shares recently, while hedge funds and other institutional investors own more than 91% of the company’s shares and have significantly increased holdings.

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

A number of other research firms have also recently issued reports on EVER. Weiss Ratings upgraded EverQuote from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 15th. JPMorgan Chase & Co. raised their price objective on EverQuote from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Tuesday, May 5th. Finally, Needham & Company LLC restated a "buy" rating and issued a $25.00 target price on shares of EverQuote in a research report on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, EverQuote currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.17.

EverQuote Stock Performance

EverQuote stock opened at $25.04 on Friday. EverQuote has a fifty-two week low of $13.88 and a fifty-two week high of $28.73. The stock has a market cap of $902.19 million, a P/E ratio of 8.52 and a beta of 0.61. The firm's fifty day moving average price is $21.93 and its 200-day moving average price is $19.49.

EverQuote (NASDAQ:EVER - Get Free Report) last announced its earnings results on Monday, May 4th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. The company had revenue of $190.85 million during the quarter, compared to analyst estimates of $180.10 million. EverQuote had a net margin of 15.35% and a return on equity of 53.39%. The firm's quarterly revenue was up 14.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. On average, analysts predict that EverQuote will post 1.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Jon Ayotte sold 4,611 shares of EverQuote stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $24.15, for a total value of $111,355.65. Following the transaction, the chief accounting officer owned 74,580 shares in the company, valued at approximately $1,801,107. The trade was a 5.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Brainard sold 4,960 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $25.51, for a total value of $126,529.60. Following the completion of the sale, the chief technology officer directly owned 165,336 shares of the company's stock, valued at approximately $4,217,721.36. This trade represents a 2.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 57,891 shares of company stock valued at $1,243,447 over the last three months. Insiders own 23.68% of the company's stock.

Hedge Funds Weigh In On EverQuote

A number of large investors have recently bought and sold shares of EVER. Lazard Asset Management LLC boosted its stake in shares of EverQuote by 81.7% during the fourth quarter. Lazard Asset Management LLC now owns 901,207 shares of the company's stock valued at $24,333,000 after purchasing an additional 405,237 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of EverQuote by 110.7% in the third quarter. Balyasny Asset Management L.P. now owns 687,367 shares of the company's stock worth $15,720,000 after purchasing an additional 361,082 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of EverQuote by 95.1% in the second quarter. AQR Capital Management LLC now owns 655,615 shares of the company's stock worth $15,853,000 after buying an additional 319,618 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of EverQuote by 47.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 909,877 shares of the company's stock worth $13,412,000 after buying an additional 293,160 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in EverQuote by 615.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,672 shares of the company's stock valued at $8,896,000 after buying an additional 292,172 shares during the last quarter. 91.54% of the stock is 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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