EverQuote Inc. (NASDAQ:EVER) Chief Technology Officer, David Brainard, has recently sold company shares, according to a new regulatory filing. On May 16, 2024, Brainard sold 553 shares of EverQuote Class A Common Stock at a price of $24.45 per share, totaling over $13,520.
The transaction was carried out under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which Brainard had adopted on May 18, 2022. This particular sale was conducted to meet tax withholding obligations related to the vesting of restricted stock units that occurred on May 15, 2024. It's important to note that such sales are planned in advance to automatically execute when certain conditions are met, providing an affirmative defense against insider trading accusations.
Following this transaction, Brainard's ownership in the company stands at 182,952 shares of Class A Common Stock. The sale was signed off by Jon Ayotte, acting as attorney-in-fact for David Brainard.
EverQuote, based in Cambridge, Massachusetts, operates in the tech sector, providing an online marketplace for insurance shopping. The company's stock is publicly traded on the NASDAQ, where investors can follow its performance under the ticker symbol EVER.
Investors often monitor the buying and selling activities of company insiders like Brainard for insights into the company's health and the confidence that executives have in the firm's future. Transactions like these are publicly disclosed through filings with the Securities and Exchange Commission, offering transparency into the actions of company insiders.
InvestingPro Insights
As investors digest the news of EverQuote Inc.'s (NASDAQ:EVER) CTO David Brainard's recent share sale, it's important to consider the company's financial health and market performance for a broader understanding. The latest data from InvestingPro provides some key insights:
EverQuote's market capitalization stands at a robust $871.61 million, reflecting investor valuation of the company. Despite the company not being profitable over the last twelve months, analysts are predicting a change in tide with profitability expected this year, as noted in one of the InvestingPro Tips. This anticipated shift could be a driving factor for investor optimism.
The company's gross profit margins are impressive, clocking in at 91.95% for the last twelve months as of Q1 2024. This high margin indicates EverQuote's ability to retain a significant portion of its sales revenue after the cost of goods sold has been accounted for, which is a positive sign for operational efficiency.
Another key metric is the company's Price / Book ratio, which at 9.76, suggests that the stock is trading at a premium compared to the company's book value. This could be indicative of the market's high expectations for future growth, a sentiment echoed by the InvestingPro Tips which highlight the company's strong returns over the past month, three months, and year.
For investors looking to delve deeper into the company's prospects, there are additional InvestingPro Tips available, offering comprehensive analyses and forecasts. To access these insights and make informed investment decisions, consider using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. As of now, there are a total of 13 InvestingPro Tips listed for EverQuote, which can be explored for a more nuanced investment strategy.
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