CAMBRIDGE, MA—Joseph Sanborn, Chief Financial Officer of EverQuote , Inc. (NASDAQ:EVER), recently sold a portion of his holdings in the company. According to a recent SEC filing, Sanborn sold a total of 745 shares of EverQuote's Class A common stock on November 18. The shares were sold at a price of $18.34 each, amounting to a total transaction value of $13,663.
The sales were conducted under a pre-established Rule 10b5-1 trading plan. This plan, set up by Sanborn, was designed to facilitate the sale of shares necessary to cover tax withholding obligations resulting from the vesting of restricted stock units on November 15, 2024. The transactions do not represent discretionary trades by Sanborn.
Following these transactions, Sanborn holds 199,382 shares of EverQuote.
In other recent news, EverQuote has seen significant growth in its third-quarter financial results. The online insurance marketplace reported total revenues of $144.5 million, marking a 163% increase year-over-year. This growth was primarily driven by a 200% rise in auto insurance revenue and a 30% increase in home insurance revenue. Both Needham and Canaccord Genuity (TSX:CF) have reaffirmed their Buy ratings on EverQuote's stock, though Needham lowered the price target to $30, while Canaccord Genuity maintains a $35.00 target. Despite potential impacts from new Federal Communications Commission ( FCC (BME:FCC)) regulations, EverQuote remains optimistic about its long-term growth. The company has also set a fourth-quarter guidance that anticipates over 100% growth. EverQuote's recent collaborations with large carriers have led to data-driven pricing changes and new service offerings, further bolstering the company's position in the market. These recent developments underscore EverQuote's resilience and adaptability in the face of changing market conditions.
InvestingPro Insights
While Joseph Sanborn's recent stock sale was primarily for tax purposes, it's worth examining EverQuote's financial health to provide context for investors. According to InvestingPro data, EverQuote boasts a market capitalization of $668.85 million and has demonstrated impressive revenue growth, with a 27.43% increase over the last twelve months as of Q3 2024.
An InvestingPro Tip highlights that EverQuote holds more cash than debt on its balance sheet, suggesting a strong financial position. This aligns with another tip indicating that the company's liquid assets exceed short-term obligations, which could provide reassurance to investors concerned about the company's ability to meet its financial commitments.
EverQuote's gross profit margin stands at an impressive 94.98%, reflecting the company's efficiency in generating profit from its core business operations. This high margin is complemented by an InvestingPro Tip noting the company's "impressive gross profit margins."
For investors seeking more comprehensive analysis, InvestingPro offers 13 additional tips for EverQuote, providing a deeper understanding of the company's financial landscape and potential investment opportunities.
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