EverQuote , Inc.'s (NASDAQ:EVER) Chief Financial Officer, Joseph Sanborn, has recently sold a portion of his company stock, according to a new SEC filing. The transactions, which occurred on May 16, 2024, involved a total sale of 452 shares of Class A Common Stock at a price of $24.45 per share, amounting to over $11,051 in total value.
The sales were conducted under a pre-arranged 10b5-1 trading plan, a tool that allows insiders to sell shares at predetermined times to avoid accusations of trading on nonpublic information. Specifically, these sales were carried out to satisfy tax withholding obligations related to the vesting of restricted stock units.
Sanborn's transactions did not represent discretionary trades, as they were planned well in advance to coincide with the vesting schedule of his restricted stock units. The first sale of 310 shares was related to a trading plan adopted on February 21, 2022, while the second sale of 142 shares was pursuant to a plan that started on November 4, 2021.
Following these transactions, Sanborn remains a significant holder of EverQuote stock, with a direct ownership of 220,534 shares after the reported sales.
Investors often monitor insider sales as they can provide insights into executives' perspectives on their company's stock value. However, sales under 10b5-1 trading plans are generally viewed as less indicative of an insider’s belief in the company’s future prospects, given their prearranged nature.
EverQuote, Inc., headquartered in Cambridge, Massachusetts, operates within the technology sector, providing an online marketplace for insurance shopping. The company's shares are traded on the NASDAQ under the ticker symbol EVER.
InvestingPro Insights
In light of the recent insider transactions at EverQuote, Inc., it's valuable to consider the company's financial health and market performance. According to data from InvestingPro, EverQuote holds more cash than debt on its balance sheet, which suggests a solid financial position that could reassure investors about the company's ability to manage its obligations.
The company's gross profit margin is notably high at 91.95% for the last twelve months as of Q1 2024, reflecting efficient operations and a strong market position within its sector. This is a positive indicator for investors, as a high gross profit margin can be a sign of competitive advantage and pricing power.
InvestingPro data also reveals that EverQuote's stock has experienced a significant price increase over the past six months, with a total return of 184.07%. This robust performance may attract investors looking for growth in their portfolio. Moreover, with the stock trading near its 52-week high at 97.97% of the peak price, it suggests a bullish sentiment among investors.
For those considering a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into EverQuote's prospects. For instance, analysts predict the company will be profitable this year, which could be a pivotal factor for potential investors. With the current roster of 13 InvestingPro Tips, users can gain a more comprehensive understanding of EverQuote's potential for growth and profitability.
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