EverQuote (NASDAQ:EVER) Rating Lowered to Hold at Wall Street Zen

EverQuote (NASDAQ:EVER) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

EVER has been the subject of a number of other reports. JPMorgan Chase & Co. raised their price target on shares of EverQuote from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of EverQuote in a report on Tuesday, May 5th. Finally, Weiss Ratings raised shares of EverQuote from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.17.

EverQuote Price Performance

NASDAQ EVER opened at $24.86 on Friday. EverQuote has a fifty-two week low of $13.88 and a fifty-two week high of $28.73. The business has a 50 day moving average price of $19.67 and a two-hundred day moving average price of $19.62. The stock has a market cap of $895.71 million, a PE ratio of 8.46 and a beta of 0.61.

EverQuote (NASDAQ:EVER) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.51 earnings per share (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 analyst estimates of $180.10 million. During the same quarter last year, the firm posted $0.21 earnings per share. The business’s quarterly revenue was up 14.6% on a year-over-year basis. Sell-side analysts anticipate that EverQuote will post 1.99 EPS for the current fiscal year.

Insider Buying and Selling at EverQuote

In other news, CFO Joseph Sanborn sold 20,000 shares of the firm’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 transaction of $414,000.00. Following the completion of the sale, the chief financial officer owned 337,660 shares of the company’s stock, valued at approximately $6,989,562. This trade represents a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jon Ayotte sold 4,611 shares of EverQuote stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $24.15, for a total transaction of $111,355.65. Following the completion of the sale, the chief accounting officer owned 74,580 shares of the company’s stock, valued at approximately $1,801,107. This trade represents a 5.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 45,775 shares of company stock valued at $931,238 in the last three months. Corporate insiders own 23.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EVER. Lazard Asset Management LLC grew its holdings in EverQuote by 81.7% during the 4th quarter. Lazard Asset Management LLC now owns 901,207 shares of the company’s stock worth $24,333,000 after acquiring an additional 405,237 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in shares of EverQuote by 110.7% in the 3rd quarter. Balyasny Asset Management L.P. now owns 687,367 shares of the company’s stock valued at $15,720,000 after purchasing an additional 361,082 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of EverQuote by 95.1% in the 2nd quarter. AQR Capital Management LLC now owns 655,615 shares of the company’s stock valued at $15,853,000 after purchasing an additional 319,618 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of EverQuote by 47.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 909,877 shares of the company’s stock valued at $13,412,000 after purchasing an additional 293,160 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of EverQuote by 615.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,672 shares of the company’s stock worth $8,896,000 after purchasing an additional 292,172 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.