In a recent transaction, David B. Blundin, a Director and significant shareholder of EverQuote , Inc. (NASDAQ:EVER), sold a substantial number of shares in the company. The sales, which took place on April 30, 2024, amounted to a total of $2,639,387 at an average price of $20.14 per share.
Blundin's transactions involved the sale of shares in multiple tranches, with prices ranging from $20.00 to $20.41. These sales were conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a schedule for selling shares at a time when they are not in possession of material non-public information. This plan had been adopted by Blundin on September 5, 2023.
The exact number of shares sold at each price point within the range has not been disclosed in the report. However, Blundin has agreed to provide full details regarding the number of shares sold at each price to EverQuote, Inc., its security holders, or the SEC staff upon request.
Following the sale, Blundin still maintains a significant stake in EverQuote through direct and indirect holdings. The shares sold were held both directly by Blundin and indirectly through entities such as Recognition Capital, LLC and Link Ventures, LLLP, where he has managerial roles and disclaims beneficial ownership except to the extent of his pecuniary interest. Additional shares are owned by Cogo Fund 2020, LLC, which is managed by Cogo Labs, LLC, under Blundin's control.
The transactions were made public through a Form 4 filing with the Securities and Exchange Commission dated May 2, 2024, with the actual sales occurring on April 30, 2024. EverQuote investors and the market can now view the details of these transactions, which reflect changes in insider ownership of the company's stock.
InvestingPro Insights
As EverQuote, Inc. (NASDAQ:EVER) sees significant insider transactions, it's crucial for investors to consider the company's financial health and market performance. With a market capitalization of $747.64 million, EverQuote's financial data and stock performance offer a mixed picture. The company boasts a remarkable gross profit margin of 92.2% for the last twelve months as of Q4 2023, which is indicative of its ability to manage costs and sustain profitability at the gross level. However, it's important to note that EverQuote is not profitable over the same period, with a negative operating income of $28.56 million.
On the upside, EverQuote's liquid assets exceed its short-term obligations, providing some financial stability and flexibility. This is a positive sign for investors, as it suggests the company can cover its immediate liabilities. Additionally, the stock has experienced a strong return over the last week, with a 9.78% price total return, reflecting investor confidence in the short term.
Investors should be aware that EverQuote is trading near its 52-week high, with the price at 95.91% of this peak, and it is trading at a high Price / Book multiple of 9.23. These metrics may suggest that the stock is valued optimistically by the market. With significant returns over the last three months and six months, at 50.66% and 174.6% respectively, the stock's recent performance has been noteworthy.
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