CAMBRIDGE, Mass.—Jon Ayotte, the Chief Accounting Officer of EverQuote , Inc. (NASDAQ:EVER), reported the sale of 967 shares of the company's Class A Common Stock on November 21, 2024. The transactions, which were conducted at a price of $19.20 per share, amounted to a total value of $18,566.
These sales were executed under Rule 10b5-1 trading plans, which Ayotte adopted on August 4, 2022, and May 12, 2023. The sales were necessary to meet tax withholding obligations resulting from the vesting of restricted stock units on November 20, 2024, and do not represent discretionary trades by Ayotte.
Additionally, on November 20, 2024, Ayotte had 654 shares withheld by the company to satisfy tax obligations related to the vesting of restricted stock units, valued at $18.85 per share. Following these transactions, Ayotte holds 54,330 shares of EverQuote's Class A Common Stock.
In other recent news, EverQuote has reported strong Q3 2024 financial results, surpassing expectations with total revenues reaching $144.5 million, reflecting a 163% increase year-over-year. This growth was largely driven by a 200% rise in auto insurance revenue and a 30% increase in home insurance revenue. Following these results, Needham maintained its Buy rating on EverQuote but lowered the price target to $30 from $38, while Canaccord Genuity reaffirmed its Buy rating and set a $35.00 price target.
Despite upcoming regulatory changes due to the new Federal Communications Commission's Telephone Consumer Protection Act, EverQuote remains optimistic about its future growth. The company's transition to new technology platforms has enhanced operational efficiency, supporting this growth. EverQuote has also set Q4 guidance that anticipates over 100% growth, reflecting the company's confidence in continued recovery.
These recent developments highlight EverQuote's successful collaborations with large carriers, leading to data-driven pricing changes and new service offerings. The company's management highlighted strong adjusted EBITDA and net income, signifying disciplined expense management and operational enhancements. Finally, with a cash balance of $83 million, EverQuote may consider potential M&A opportunities to accelerate growth in the property and casualty vertical.
InvestingPro Insights
To provide context to Jon Ayotte's recent stock transactions, let's examine some key financial metrics for EverQuote, Inc. (NASDAQ:EVER). According to InvestingPro data, EverQuote's market capitalization stands at $676.98 million, reflecting its position in the market. The company has shown impressive revenue growth, with a 27.43% increase in the last twelve months as of Q3 2024, and a remarkable 162.73% quarterly revenue growth in Q3 2024.
EverQuote's financial health appears robust, as indicated by two InvestingPro Tips. Firstly, the company holds more cash than debt on its balance sheet, suggesting a strong liquidity position. Secondly, EverQuote's liquid assets exceed short-term obligations, which is a positive indicator of the company's ability to meet its near-term financial commitments.
The stock's performance has been noteworthy, with a significant 124.59% price total return over the past year. This aligns with another InvestingPro Tip highlighting EverQuote's high return over the last year, which may have influenced insider trading decisions like Ayotte's recent transactions.
For investors seeking a deeper understanding of EverQuote's financial position and growth prospects, InvestingPro offers 14 additional tips, providing a comprehensive analysis of the company's strengths and potential challenges.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.