David Brainard, the Chief Technology Officer (CTO) of EverQuote , Inc. (NASDAQ:EVER), has sold a total of 914 shares of the company's Class A Common Stock, according to a recent SEC filing. The transaction, carried out on May 17, 2024, was executed at a price of $24.54 per share, amounting to a total value of over $22,429.
The sale was conducted under a prearranged trading plan, known as a Rule 10b5-1 plan, which Brainard had adopted on December 15, 2023. Such plans allow company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of nonpublic information, providing a defense against potential accusations of insider trading.
Following the transaction, Brainard's remaining holdings in EverQuote amount to 182,038 shares of Class A Common Stock. The company, incorporated in Delaware and headquartered in Cambridge, Massachusetts, operates within the computer programming and data processing sector.
Investors often monitor insider transactions as they can provide insights into an executive's confidence in the company's future prospects. However, it should be noted that insider sales can be motivated by a variety of factors and may not necessarily indicate a negative outlook.
The filing was signed on behalf of David Brainard by Jon Ayotte, as attorney-in-fact, and was submitted on May 20, 2024. EverQuote has not issued any official statement regarding this transaction at the time of the report.
InvestingPro Insights
As EverQuote's CTO David Brainard parts with a portion of his shares, investors and potential stakeholders may look towards current company metrics and analyst insights to gauge the health and future potential of the company. According to InvestingPro data, as of Q1 2024, EverQuote boasts a market capitalization of $871.61 million and an impressive gross profit margin of 91.95%, reflecting the company's ability to maintain a high level of profitability in terms of its cost of goods sold.
Despite a challenging environment that has seen a revenue decline of 33.01% over the last twelve months, EverQuote demonstrates strong liquidity, as it holds more cash than debt on its balance sheet. This financial positioning could provide resilience and flexibility in strategic decision-making. Additionally, the company has experienced a significant price uptick with a 184.07% six-month price total return, and it is trading near its 52-week high, with the price at 97.82% of this peak.
InvestingPro Tips highlight that analysts are anticipating sales growth in the current year, and the company is expected to be profitable within the same timeframe. These insights could suggest a potential turnaround or growth phase ahead for EverQuote. Moreover, with its strong return over the last year, investors may find the company's stock trajectory to be a compelling aspect of its investment story.
For those interested in a deeper analysis, InvestingPro provides additional tips and real-time metrics for EverQuote. For instance, there are 13 more InvestingPro Tips available, which could offer further clarity on the company's performance and outlook. To access these insights, visit https://www.investing.com/pro/EVER and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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