EverQuote , Inc. (NASDAQ:EVER) CEO and President Jayme Mendal has recently sold a portion of his holdings in the company, according to the latest SEC filings. On July 22, 2024, Mendal sold 9,100 shares of Class A Common Stock at an average price of $25.80 per share, resulting in a total transaction value of $234,780.
Investors tracking insider activity may note that these shares were sold at prices ranging from $25.52 to $26.16, which represents the weighted average price of the sale. Following this transaction, Mendal still retains a substantial stake in the company with 414,305 shares of EverQuote remaining under his direct ownership.
The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted by Mendal on December 15, 2023. These plans allow company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of material non-public information, providing a defense against potential allegations of insider trading.
EverQuote, based in Cambridge, Massachusetts, operates within the computer programming and data processing industry, providing an online marketplace for insurance shopping. The company has been a player in the tech-driven insurance sector, aiming to simplify the process of comparing and purchasing policies for consumers.
For interested parties, Mendal has indicated a willingness to provide full information regarding the number of shares sold at each price point within the range mentioned in the SEC filing, upon request.
This transaction comes as part of the regular financial disclosures required by company executives and provides insight into the actions of EverQuote's leadership regarding their personal stakes in the business.
In other recent news, online insurance marketplace EverQuote has demonstrated a strong financial performance, surpassing its Q1 expectations. The company reported record net income, adjusted EBITDA, and operating cash flow, fueled by increased activity from auto insurance carriers. Total revenues reached $91.1 million, with auto insurance contributing 85%, and a variable marketing margin (VMM) of $30.8 million, up 50% from the previous quarter.
Analysts from Craig-Hallum and Canaccord Genuity have raised their stock price targets for EverQuote, reflecting confidence in the company's growth prospects. Both firms noted EverQuote's strong start to the year, attributing it to heightened performance marketing investment by auto carriers. The analysts expect this momentum to continue, projecting sustained growth and profit gains in upcoming quarters.
Furthermore, EverQuote is developing an independent agent channel, which is anticipated to contribute to more sustainable growth. The company is also planning to invest in data science and AI to maintain its position as the largest digital property and casualty insurance marketplace. These are recent developments that investors should keep an eye on as EverQuote continues to capitalize on the sustainable recovery in the auto insurance sector.
InvestingPro Insights
EverQuote, Inc. (NASDAQ:EVER) CEO Jayme Mendal's recent sale of company shares has been a point of interest for investors and market observers. To provide further context on the company's financial landscape, here are some key metrics and insights from InvestingPro:
InvestingPro Data:
- The company holds a Market Cap (Adjusted) of $907.72M USD as of the last twelve months leading into Q1 2024.
- With a Gross Profit Margin of 91.95% during the same period, EverQuote demonstrates its ability to maintain a high level of profitability relative to revenue.
- Recent performance metrics show a significant 1 Year Price Total Return of 264.8%, reflecting a strong market confidence in the company's growth potential.
InvestingPro Tips:
- EverQuote is currently trading near its 52-week high, with a Price % of 52 Week High at 99.58%, indicating a robust period for the stock.
- Analysts predict the company will be profitable this year, which could be a contributing factor to the CEO's decision to sell shares at this time.
Interested readers can find more InvestingPro Tips for EverQuote, including analysis on cash management, sales growth expectations, and liquidity considerations, by visiting https://www.investing.com/pro/EVER. With a total of 15 InvestingPro Tips available, investors can gain a comprehensive understanding of EverQuote's financial standing and market position. Additionally, users can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking even deeper insights into the company's performance and prospects.
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