David B. Blundin, a director and significant shareholder of EverQuote , Inc. (NASDAQ:EVER), has recently sold shares of the company's stock, according to a new SEC filing. The transactions, which took place on June 7, 2024, involved the sale of 5,384 shares at an average price of $23.16 per share, amounting to a total of $124,693.
The sales were executed in multiple transactions at prices ranging from $23.00 to $23.35, reflecting a weighted average price as disclosed in the footnotes of the filing. Blundin's recent sale has been reported in compliance with SEC regulations, which mandate the disclosure of stock transactions by company insiders.
Following the sale, Blundin's holdings in EverQuote, Inc. are indirectly substantial through various entities. The shares sold were held indirectly by Link Ventures LLLP, with Blundin serving as the managing member of its general partner, Link Management, LLC. He disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest.
Additionally, Blundin is associated with other indirect holdings through Recognition Capital, LLC, and Cogo Fund 2020, LLC, where he holds management positions. These entities directly own shares of EverQuote, and while Blundin disclaims beneficial ownership of these securities, he acknowledges his indirect pecuniary interest.
EverQuote, Inc., based in Cambridge, Massachusetts, operates within the technology sector, specializing in services related to computer programming and data processing. The company's business address is located at 210 Broadway, Cambridge, MA.
Investors and market watchers often keep a close eye on insider transactions as they can provide insights into executives' perspectives on the company's stock value. The recent filing provides updated information on Blundin's transactions and holdings, which is essential for stakeholders following EverQuote's financial movements.
In other recent news, EverQuote has been the subject of attention from analysts and investors alike due to its robust financial performance. The company saw its stock price target raised by both Craig-Hallum and Canaccord Genuity, with the latter following EverQuote's first-quarter results that surpassed expectations across key financial metrics. The company's first quarter was marked by record net income, adjusted EBITDA, and operating cash flow, largely due to an improvement in auto insurance carrier underwriting profitability.
Analysts from Craig-Hallum and Canaccord Genuity have expressed confidence in EverQuote's sustained growth and profit gains in the upcoming quarters. They attribute this to heightened performance marketing investment by auto carriers and the development of an independent agent channel. EverQuote's management anticipates that the company is at the beginning of a multi-year recovery phase in the Auto segment.
EverQuote's financial health is highlighted by the generation of $11 million in cash during the quarter, closing the period with $49 million in cash reserves. The company also reported positive net income in what is typically a seasonally profit-challenged quarter. Looking ahead, EverQuote expects to maintain or exceed pre-downturn adjusted EBITDA margins and forecasts strong year-on-year growth in the second half of 2024. These recent developments underscore the potential for EverQuote's story to evolve over the next several quarters as the company capitalizes on these trends.
InvestingPro Insights
As stakeholders consider the implications of David B. Blundin's recent sale of EverQuote shares, it's worth noting the broader financial context provided by InvestingPro. With a market capitalization of $743.47 million, EverQuote stands out in the technology sector. Despite a challenging period with a revenue decline of 33.01% in the last twelve months as of Q1 2024, the company boasts an impressive gross profit margin of 91.95%, underscoring its ability to maintain profitability on its offerings.
InvestingPro Tips highlight that EverQuote holds more cash than debt on its balance sheet and analysts are predicting sales growth in the current year. These factors suggest a potential for financial resilience and future growth, which may be of interest to investors analyzing the company's prospects beyond the insider trading activity. Additionally, EverQuote's strong return over the last year, with a 172.92% price total return, reflects a significant rebound and market confidence.
For those seeking a deeper dive into EverQuote's financials and future outlook, InvestingPro offers additional tips that may shed light on investment decisions. With the use of coupon code PRONEWS24, investors can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, granting access to an expanded array of insights. Currently, there are 11 additional InvestingPro Tips available for EverQuote, providing a comprehensive analysis for informed investment strategies.
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