JPMorgan Chase & Co. Begins Coverage on EverQuote (NASDAQ:EVER)

Equities researchers at JPMorgan Chase & Co. initiated coverage on shares of EverQuote (NASDAQ:EVER) in a note issued to investors on Monday. The brokerage set an “overweight” rating and a $29.00 price target on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 7.71% from the company’s previous close.

A number of other research analysts have also issued reports on EVER. Wall Street Zen lowered shares of EverQuote from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Zacks Research downgraded shares of EverQuote from a “hold” rating to a “strong sell” rating in a research report on Friday, August 7th. Raymond James Financial reaffirmed an “outperform” rating and issued a $28.00 price objective on shares of EverQuote in a report on Thursday, August 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of EverQuote in a research report on Wednesday, August 12th. Finally, B. Riley Financial reissued a “buy” rating and set a $34.00 target price (up from $30.00) on shares of EverQuote in a research note on Tuesday, August 4th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, EverQuote currently has an average rating of “Moderate Buy” and a consensus price target of $28.17.

EverQuote Trading Up 6.7%

Shares of EverQuote stock traded up $1.68 during trading hours on Monday, hitting $26.92. 90,363 shares of the company were exchanged, compared to its average volume of 841,757. The business has a 50-day moving average of $24.26 and a 200-day moving average of $19.53. EverQuote has a 1 year low of $13.88 and a 1 year high of $28.73. The stock has a market capitalization of $970.07 million, a price-to-earnings ratio of 8.70 and a beta of 0.62.

EverQuote (NASDAQ:EVER) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. EverQuote had a net margin of 15.16% and a return on equity of 50.29%. The company had revenue of $195.09 million for the quarter, compared to analysts’ expectations of $191.06 million. During the same period in the previous year, the company posted $0.39 EPS. EverQuote’s revenue was up 24.6% compared to the same quarter last year. As a group, research analysts anticipate that EverQuote will post 1.72 earnings per share for the current fiscal year.

Insider Buying and Selling at EverQuote

In related news, CTO David Brainard sold 4,960 shares of EverQuote stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $25.51, for a total transaction of $126,529.60. Following the completion of the transaction, the chief technology officer directly owned 165,336 shares in the company, valued at $4,217,721.36. The trade was a 2.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jon Ayotte sold 4,611 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $24.15, for a total transaction of $111,355.65. Following the sale, the chief accounting officer directly owned 74,580 shares in the company, valued at $1,801,107. This represents a 5.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 36,424 shares of company stock valued at $854,506 over the last three months. Company insiders own 23.68% of the company’s stock.

Institutional Investors Weigh In On EverQuote

Several institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in shares of EverQuote by 37.7% during the first quarter. Dimensional Fund Advisors LP now owns 695,716 shares of the company’s stock worth $10,728,000 after buying an additional 190,438 shares in the last quarter. Jacobs Asset Management LLC raised its holdings in EverQuote by 199.9% in the first quarter. Jacobs Asset Management LLC now owns 403,300 shares of the company’s stock valued at $6,219,000 after acquiring an additional 268,819 shares in the last quarter. Legato Capital Management LLC raised its holdings in EverQuote by 179.9% in the fourth quarter. Legato Capital Management LLC now owns 86,717 shares of the company’s stock valued at $2,341,000 after acquiring an additional 55,741 shares in the last quarter. OP Asset Management Ltd acquired a new stake in EverQuote in the first quarter valued at $2,410,000. Finally, K.J. Harrison & Partners Inc boosted its stake in EverQuote by 539.0% during the 1st quarter. K.J. Harrison & Partners Inc now owns 63,900 shares of the company’s stock valued at $985,000 after acquiring an additional 53,900 shares during the last quarter. Hedge funds and other institutional investors own 91.54% of the company’s stock.

About EverQuote

EverQuote, Inc operates an online insurance marketplace that connects consumers with insurance providers across the United States. Founded in 2011 and headquartered in Cambridge, Massachusetts, the company leverages proprietary technology to match individuals seeking coverage with insurers offering competitive rates. Since its initial public offering in 2020, EverQuote has focused on expanding its digital platform and enhancing the efficiency of its lead-generation processes.

The company’s core business centers on a quote-comparison engine for personal auto, home, and health insurance products.