In a recent transaction, Link Ventures, LLLP, a significant shareholder in EverQuote , Inc. (NASDAQ:EVER), has sold a portion of its holdings in the company. The sale, which took place over two days, involved a total of 7,680 shares of Class A Common Stock, resulting in proceeds exceeding $208,000.
The transactions were executed on August 6 and 7, with prices for the shares ranging from $27.03 to $27.89. On the first day, 7,659 shares were sold at an average price of $27.08, while the remaining 21 shares were sold at an average price of $27.89. The following day saw an additional 21 shares sold at an average price of $27.03.
These sales were conducted under a Rule 10b5-1 trading plan, which had been previously established by the reporting entity on September 5, 2023. This allows insiders to sell shares at predetermined times to avoid accusations of trading on nonpublic information.
Following these transactions, Link Ventures, LLLP's ownership in EverQuote, Inc. stands at 3,510,700 shares of Class A Common Stock. The sales were reported jointly by Link Ventures, LLLP, and Link Management, LLC, with Link Management, LLC serving as the general partner of Link Ventures, LLLP.
Investors and followers of EverQuote, Inc. may request detailed information regarding the exact number of shares sold at each specific price within the ranges disclosed. This request can be made to EverQuote, Inc., its security holders, or the staff of the Securities and Exchange Commission.
The reported transactions reflect the ongoing adjustments in the investment strategies of significant shareholders and offer a glimpse into the trading activities surrounding EverQuote's stock.
In other recent news, EverQuote has been the focus of positive analyst adjustments from both Craig-Hallum and B.Riley, driven by the company's impressive financial performance. Craig-Hallum raised its price target for EverQuote to $33.00, up from $30.00, maintaining a Buy rating. This adjustment was influenced by increased interest from auto insurance carriers in market opportunities, leading to significant improvements for EverQuote. B.Riley also increased its price target for EverQuote to $36.50, up from $29.50, citing the company's better-than-expected second-quarter performance and optimistic third-quarter forecast.
Both firms highlighted EverQuote's substantial revenue growth, with second-quarter revenue exceeding guidance by approximately 14% and third-quarter revenue guidance being about 42% higher than the prior consensus estimate. This growth was primarily driven by a robust recovery in the auto insurance sector. EverQuote's strong performance also resulted in record numbers for adjusted EBITDA, net income, and free cash flow in the second quarter.
Looking forward, both Craig-Hallum and B.Riley expect EverQuote to continue its strong performance. Craig-Hallum anticipates additional carriers expanding their budgets in the second half of 2024 and more states achieving rate adequacy in 2025. B.Riley also sees potential for additional revenue growth in 2025 as some carriers have yet to increase their spending significantly. These are recent developments that reflect EverQuote's strong start to the year and its positive outlook for the upcoming quarters.
InvestingPro Insights
As Link Ventures, LLLP adjusts its investment strategy in EverQuote, Inc. (NASDAQ:EVER), investors might consider several key metrics and insights from InvestingPro to gauge the company's financial health and future prospects. EverQuote's market capitalization stands at $813.25 million, reflecting the company's current valuation in the market. Despite a challenging period with a revenue decline of 13.51% over the last twelve months as of Q2 2024, the company has demonstrated a significant quarterly revenue growth of 72.3% in Q2 2024, indicating potential for recovery and expansion.
InvestingPro Tips reveal that EverQuote holds more cash than debt on its balance sheet, which is a positive sign of financial stability. Moreover, analysts are optimistic about EverQuote's future, expecting net income and sales growth in the current year. This is further supported by two analysts revising their earnings upwards for the upcoming period. Additionally, the company boasts impressive gross profit margins of 93.36% as of Q2 2024, which could signal efficient operations and strong pricing power.
Investors should note that while EverQuote has not been profitable over the last twelve months, analysts predict profitability this year. The stock has also experienced a large price uptick over the last six months, with a 65.76% return. However, it's worth mentioning that the company does not pay a dividend to shareholders, which might be a consideration for income-focused investors.
For those interested in deeper analysis and additional insights, InvestingPro offers more tips, including the company's high return over the last year and its liquidity position, with liquid assets exceeding short-term obligations. To explore these insights further, investors can visit InvestingPro's dedicated page for EverQuote at https://www.investing.com/pro/EVER, where additional tips are available to help inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.