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CAMBRIDGE, Mass. - EverQuote, Inc. (NASDAQ:EVER), a company currently rated with "GREAT" financial health according to InvestingPro metrics, announced today it has agreed to repurchase 900,000 shares of its Class A common stock for $21 million from entities affiliated with David Blundin, the company’s Chairman and Co-Founder.
The transaction was executed at $23.33 per share, representing a 1.75% discount to Friday’s closing price and a 3.96% discount to the company’s 10-day volume-weighted average price as of August 8, 2025. The stock, which has seen a 7.8% decline over the past week, appears undervalued according to InvestingPro’s Fair Value analysis.
This repurchase is part of EverQuote’s $50 million share repurchase program announced on August 4, 2025. The transaction is expected to close by August 12, 2025.
"We believe today’s discounted repurchase is an accretive use of capital that enables us to efficiently execute a portion of our recently announced $50 million share buyback program," said Joseph Sanborn, CFO of EverQuote, according to the company’s press release. The company’s strong financial position is evidenced by its healthy current ratio of 3.03 and minimal debt-to-equity ratio of 0.02, as reported by InvestingPro, which offers comprehensive analysis of over 1,400 US stocks through its Pro Research Reports.
As part of the agreement, Blundin and Link Ventures entered into a 180-day lock-up agreement restricting the sale or transfer of EverQuote shares they own, with certain exceptions including sales under a previously adopted 10b5-1 trading plan.
Following the repurchase, Link Ventures and Blundin’s affiliated entities will remain EverQuote’s largest shareholder, owning 18.8% of total common shares outstanding and controlling 56.8% of voting power, down from 20.8% and 57.4% respectively before the transaction. The company has demonstrated strong operational performance, with impressive revenue growth of 92.9% over the last twelve months.
The repurchase was approved by the Audit Committee of EverQuote’s Board of Directors, consisting of independent directors not affiliated with Link Ventures.
After the transaction, EverQuote will have approximately 35.7 million shares of Class A and Class B common stock outstanding, down from 36.6 million shares previously.
In other recent news, EverQuote Inc. reported a substantial increase in revenue for the second quarter, with total revenues rising 34% year-over-year to $156.6 million. The company also achieved a record net income of $14.7 million, a significant increase from the previous year’s $6.4 million. These financial results were well-received, with the company’s stock responding positively in after-hours trading. Despite the positive earnings, JPMorgan adjusted its price target for EverQuote to $29.00 from $30.00, maintaining an Overweight rating. This adjustment was influenced by concerns over tariffs and their potential impact on insurance carriers’ spending and margins in the second half of the year. EverQuote’s recent earnings ended a streak of six consecutive revenue beats, aligning instead with the company’s guidance. Carrier spending remained stable, but there was hesitation to increase spending due to uncertainties. These developments reflect the complex dynamics affecting EverQuote’s performance and investor sentiment.
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