CAMBRIDGE, MA—David Brainard, the Chief Technology Officer of EverQuote , Inc. (NASDAQ:EVER), a company that has seen its stock surge over 40% year-to-date and maintains impressive gross profit margins of 95%, recently executed significant stock transactions, according to a filing with the Securities and Exchange Commission. InvestingPro analysis indicates the company maintains strong financial health with a robust balance sheet. On December 17 and 18, Brainard sold a total of 35,669 shares of EverQuote's Class A common stock, generating proceeds of approximately $634,503. The shares were sold at prices ranging from $17.44 to $18.03 per share, with analysts setting price targets significantly higher, ranging from $28 to $35. According to InvestingPro's Fair Value assessment, the stock currently appears undervalued.
In addition to the sales, Brainard exercised stock options to acquire 5,359 shares at prices between $7.095 and $9.41 per share. These transactions were executed under a Rule 10b5-1 trading plan adopted on June 11, 2024.
Following these transactions, Brainard holds 116,212 shares of EverQuote's Class A common stock in direct ownership.
In other recent news, EverQuote delivered robust Q3 2024 financial results, exceeding prior guidance with total revenues reaching $144.5 million, 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. These recent developments underscore EverQuote's successful transition to new technology platforms, which has bolstered operational efficiency.
Needham and Canaccord Genuity have both maintained their Buy ratings on EverQuote, despite Needham lowering its price target to $30 from $38, and Canaccord Genuity keeping its price target at $35.00. These decisions follow EverQuote's strong Q3 performance, with Needham citing the company's positive outlook and Canaccord Genuity highlighting the company's Value Margin Metric (VMM) exceeding estimates.
EverQuote has also set a Q4 guidance that anticipates over 100% growth. Despite the upcoming Federal Communications Commission ( FCC (BME:FCC)) Telephone Consumer Protection Act (TCPA) rule, which is expected to affect around 25% of EverQuote's operations, both the company and Needham anticipate the impact to be net neutral to positive. EverQuote's management has expressed confidence in the company's long-term growth, supported by successful collaborations with large carriers leading to data-driven pricing changes and new service offerings.
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