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

Shares of EverQuote, Inc. (NASDAQ:EVER) gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on EVER. Raymond James Financial reaffirmed an “outperform” rating and set a $28.00 price target on shares of EverQuote in a research note on Thursday, August 13th. Weiss Ratings raised shares of EverQuote from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 26th. Needham & Company LLC upped their price objective on shares of EverQuote from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. B. Riley Financial restated a “buy” rating and set a $34.00 target price (up from $30.00) on shares of EverQuote in a research report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. initiated coverage on shares of EverQuote in a research note on Monday, August 24th. They issued an “overweight” rating and a $29.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, EverQuote currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.17.

EverQuote Trading Up 7.9%

The stock’s 50 day moving average price is $22.62 and its 200 day moving average price is $21.46. The company has a market cap of $859.28 million, a price-to-earnings ratio of 7.72 and a beta of 0.68.

EverQuote (NASDAQ:EVER) last released its earnings results on Monday, August 3rd. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $195.09 million for the quarter, compared to analysts’ expectations of $191.06 million. EverQuote had a net margin of 15.16% and a return on equity of 50.29%. The company’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period last year, the company earned $0.39 earnings per share. On average, equities analysts expect that EverQuote, Inc. will post 1.72 earnings per share for the current fiscal year.

Insider Activity at EverQuote

In related news, Director Mira Wilczek sold 9,500 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $25.07, for a total value of $238,165.00. Following the transaction, the director directly owned 110,353 shares of the company’s stock, valued at approximately $2,766,549.71. This trade represents a 7.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director George Neble sold 1,593 shares of EverQuote stock in a transaction on Friday, October 9th. The shares were sold at an average price of $20.83, for a total value of $33,182.19. Following the completion of the transaction, the director owned 56,547 shares in the company, valued at $1,177,874.01. The trade was a 2.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 75,681 shares of company stock worth $1,730,822. 23.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EverQuote

Several hedge funds and other institutional investors have recently modified their holdings of EVER. Allspring Global Investments Holdings LLC grew its holdings in shares of EverQuote by 47.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 909,877 shares of the company’s stock worth $13,412,000 after purchasing an additional 293,160 shares during the period. Jacobs Asset Management LLC raised its holdings in EverQuote by 199.9% in the first quarter. Jacobs Asset Management LLC now owns 403,300 shares of the company’s stock valued at $6,219,000 after buying an additional 268,819 shares during the period. Renaissance Technologies LLC raised its holdings in EverQuote by 28.9% in the first 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 period. Dimensional Fund Advisors LP lifted its position in EverQuote by 37.7% during the first quarter. Dimensional Fund Advisors LP now owns 695,716 shares of the company’s stock valued at $10,728,000 after buying an additional 190,438 shares in the last quarter. Finally, OP Asset Management Ltd acquired a new position in EverQuote during the first quarter valued at approximately $2,410,000. 91.54% of the stock is owned by institutional investors and hedge funds.

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.