EverQuote (NASDAQ:EVER) Shares Gap Up – Here’s What Happened

EverQuote, Inc. (NASDAQ:EVER)’s share price gapped up before the market opened on Thursday. The stock had previously closed at $22.11, but opened at $23.23. EverQuote shares last traded at $23.3870, with a volume of 112,052 shares.

Wall Street Analysts Forecast Growth

EVER has been the topic of a number of analyst reports. JPMorgan Chase & Co. assumed coverage on shares of EverQuote in a research report on Monday, August 24th. They issued an “overweight” rating and a $29.00 price objective on the stock. Needham & Company LLC upped their price objective on shares of EverQuote from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. B. Riley Financial reiterated a “buy” rating and set a $34.00 price target (up from $30.00) on shares of EverQuote in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of EverQuote from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Finally, Wall Street Zen cut shares of EverQuote from a “buy” rating to a “hold” rating in a report on Sunday, September 20th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.17.

EverQuote Stock Performance

The company has a market capitalization of $859.28 million, a PE ratio of 7.72 and a beta of 0.68. The firm’s 50-day simple moving average is $22.62 and its 200 day simple moving average is $21.46.

EverQuote (NASDAQ:EVER) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.53 EPS 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 firm had revenue of $195.09 million for the quarter, compared to the consensus estimate of $191.06 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The firm’s revenue was up 24.6% on a year-over-year basis. As a group, equities analysts anticipate that EverQuote, Inc. will post 1.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John L. Shields sold 1,366 shares of EverQuote stock in a transaction on Friday, October 9th. The stock was sold at an average price of $20.83, for a total transaction of $28,453.78. Following the completion of the transaction, the director owned 29,832 shares of the company’s stock, valued at $621,400.56. The trade was a 4.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jayme Mendal sold 20,980 shares of EverQuote stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $19.69, for a total value of $413,096.20. Following the transaction, the chief executive officer directly owned 557,828 shares of the company’s stock, valued at $10,983,633.32. This trade represents a 3.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 75,681 shares of company stock worth $1,730,822. 23.68% of the stock is owned by insiders.

Hedge Funds Weigh In On EverQuote

Several hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its holdings in EverQuote by 28.9% during the 1st quarter. Renaissance Technologies LLC now owns 941,467 shares of the company’s stock valued at $14,517,000 after buying an additional 211,360 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in EverQuote by 47.5% during 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 in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of EverQuote by 1.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 743,869 shares of the company’s stock worth $11,470,000 after acquiring an additional 13,276 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of EverQuote by 37.7% in the first quarter. Dimensional Fund Advisors LP now owns 695,716 shares of the company’s stock worth $10,728,000 after acquiring an additional 190,438 shares during the last quarter. Finally, Jacobs Asset Management LLC raised its holdings in shares of EverQuote by 199.9% in the first quarter. Jacobs Asset Management LLC now owns 403,300 shares of the company’s stock worth $6,219,000 after acquiring an additional 268,819 shares during the last quarter. 91.54% of the stock is currently owned by hedge funds and other institutional investors.

EverQuote Company Profile

EverQuote, Inc operates an online marketplace that connects consumers seeking insurance with insurance providers and distribution partners. The company uses technology, data, and digital marketing to help consumers compare insurance options and obtain quotes.

Its platform has primarily focused on auto insurance, while also supporting other insurance categories, including home and renters insurance. EverQuote generates business by providing insurance carriers and agents with consumer referrals and opportunities to reach people who are actively shopping for coverage.

Founded in 2010 and headquartered in Cambridge, Massachusetts, EverQuote serves the United States insurance market.