David B. Blundin, a director and significant shareholder of EverQuote , Inc. (NASDAQ:EVER), has recently sold a substantial amount of the company's stock, according to the latest SEC filings. The transactions, which occurred on May 6 and May 7, 2024, involved the sale of EverQuote shares at prices ranging from $21.73 to $25.28.
The sales were executed under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which was adopted by Blundin on September 5, 2023. This type of plan allows company insiders to sell shares at predetermined times to avoid accusations of trading on non-public information.
Blundin's transactions included multiple sales at varying prices, resulting in a total sale value of approximately $11,054,074. The sales were spread out over the two days, with prices per share starting at $21.73 and reaching as high as $25.28. These prices reflect a weighted average, as the shares were sold in multiple transactions across the specified price ranges.
The filing indicates that Blundin still holds a significant number of shares in EverQuote following the sales, with various amounts listed as directly owned or indirectly owned through entities such as Recognition Capital, LLC and Link Ventures, LLLP. The indirect ownership is characterized by Blundin's relationship to these entities as a sole manager or managing member, which is detailed in the footnotes of the SEC filing.
EverQuote, headquartered in Cambridge, Massachusetts, operates within the technology sector, providing an online marketplace for insurance shopping. The company's stock is publicly traded on the NASDAQ under the ticker symbol EVER.
Investors often keep a close eye on insider transactions as they can provide insights into the executives' confidence in the company's future performance. However, it is important to note that such sales do not always indicate a negative outlook; they may be part of personal financial planning or diversification strategies by the insiders.
For further details regarding the specific number of shares sold at each price within the reported ranges, the SEC filing notes that Blundin is prepared to provide full information upon request to EverQuote, Inc., its security holders, or the SEC staff.
InvestingPro Insights
EverQuote, Inc. (NASDAQ:EVER) has seen a notable uptick in its stock performance, with a significant return over the last week of 23.79% and an impressive 280.3% return over the past year. This recent performance may have influenced the timing of David B. Blundin's stock sales. However, it's important to consider that the company's Revenue Growth for the last twelve months as of Q1 2024 has decreased by 33.01%, which could be a point of concern for potential investors.
Despite the revenue challenges, EverQuote boasts an exceptional Gross Profit Margin of 91.95% for the same period, highlighting its ability to maintain profitability on the services it provides. This, coupled with the fact that EverQuote holds more cash than debt on its balance sheet, provides a solid financial foundation for the company.
On the valuation front, EverQuote is currently trading at a high Price / Book multiple of 10.29, which may suggest a premium compared to its intrinsic value. To gain deeper insights and additional InvestingPro Tips, such as whether analysts anticipate sales growth in the current year or if the stock is considered overbought, potential investors can explore InvestingPro's full suite of analytics. As of now, there are 13 additional InvestingPro Tips available for EverQuote at https://www.investing.com/pro/EVER, which could further inform investment decisions.
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