JPMorgan Chase & Co. Cuts EverQuote (NASDAQ:EVER) Price Target to $22.00

EverQuote (NASDAQ:EVER) had its target price decreased by JPMorgan Chase & Co. from $32.00 to $22.00 in a research note published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on EVER. Zacks Research upgraded shares of EverQuote from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Needham & Company LLC dropped their price objective on shares of EverQuote from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday. Canaccord Genuity Group reduced their target price on shares of EverQuote from $33.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday. Raymond James Financial reaffirmed an “outperform” rating and issued a $18.00 price target on shares of EverQuote in a report on Tuesday, February 17th. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of EverQuote in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, EverQuote has a consensus rating of “Buy” and a consensus price target of $23.83.

EverQuote Trading Up 1.2%

NASDAQ:EVER opened at $16.49 on Tuesday. The company has a market capitalization of $592.98 million, a P/E ratio of 6.25 and a beta of 0.50. EverQuote has a 12 month low of $13.93 and a 12 month high of $30.03. The business’s 50-day moving average is $21.87 and its 200 day moving average is $23.14.

EverQuote (NASDAQ:EVER) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $0.35 by $1.19. The business had revenue of $195.32 million during the quarter, compared to analysts’ expectations of $176.82 million. EverQuote had a return on equity of 57.65% and a net margin of 14.34%.The firm’s revenue for the quarter was up 32.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS. On average, research analysts forecast that EverQuote will post 0.72 earnings per share for the current year.

Insider Activity

In other EverQuote news, CEO Jayme Mendal sold 14,360 shares of the firm’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $14.98, for a total value of $215,112.80. Following the completion of the sale, the chief executive officer owned 541,777 shares of the company’s stock, valued at $8,115,819.46. This trade represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Shields sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $25.73, for a total value of $51,460.00. Following the transaction, the director owned 25,219 shares of the company’s stock, valued at $648,884.87. This trade represents a 7.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 58,888 shares of company stock worth $1,335,743 over the last 90 days. Insiders own 25.52% of the company’s stock.

Institutional Investors Weigh In On EverQuote

Hedge funds and other institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC boosted its holdings in EverQuote by 81.7% during the 4th quarter. Lazard Asset Management LLC now owns 901,207 shares of the company’s stock valued at $24,333,000 after acquiring an additional 405,237 shares during the period. Balyasny Asset Management L.P. increased its stake in EverQuote by 110.7% in the 3rd quarter. Balyasny Asset Management L.P. now owns 687,367 shares of the company’s stock worth $15,720,000 after buying an additional 361,082 shares during the period. AQR Capital Management LLC boosted its position in EverQuote by 95.1% in the 2nd quarter. AQR Capital Management LLC now owns 655,615 shares of the company’s stock valued at $15,853,000 after buying an additional 319,618 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in EverQuote by 615.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,672 shares of the company’s stock valued at $8,896,000 after buying an additional 292,172 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of EverQuote by 1,100.6% during the fourth quarter. SG Americas Securities LLC now owns 244,937 shares of the company’s stock worth $6,613,000 after acquiring an additional 224,535 shares during the period. 91.54% of the stock is currently owned by hedge funds and other institutional investors.

About EverQuote

EverQuote, Inc operates an online insurance marketplace that connects consumers with insurance providers across the United States. Founded in 2011 and headquartered in Cambridge, Massachusetts, the company leverages proprietary technology to match individuals seeking coverage with insurers offering competitive rates. Since its initial public offering in 2020, EverQuote has focused on expanding its digital platform and enhancing the efficiency of its lead-generation processes.

The company’s core business centers on a quote-comparison engine for personal auto, home, and health insurance products.