EverQuote , Inc. (NASDAQ:EVER), a company specializing in online insurance marketplace technology, reported that its Chief Technology Officer, David Brainard, sold a portion of his company stock on April 2, 2024. The transactions, as filed with the Securities and Exchange Commission, indicate that Brainard sold 2,245 shares of Class A Common Stock at an average price of $18.73 per share, totaling approximately $42,048.
The sale came just a day after shares were withheld by the company to satisfy tax withholding obligations related to the vesting of restricted stock units. On April 1, 2024, 2,854 shares were withheld at a price of $19.50 per share, amounting to a total of $55,653. This withholding was in connection with the net issuance of shares delivered to Brainard as part of the company's restricted stock program.
According to the SEC filing footnote, the shares sold on April 2 were disposed of pursuant to a Rule 10b5-1 trading plan, which Brainard had adopted on December 15, 2023. Such plans allow company insiders to sell shares at predetermined times to avoid accusations of insider trading, providing a systematic method for executives to gradually divest their holdings.
Following these transactions, Brainard retains ownership of 183,505 shares of EverQuote's Class A Common Stock. The recent filings provide a glimpse into the trading activities of one of EverQuote's top executives and reflect normal stock compensation and divestment processes within the company.
InvestingPro Insights
EverQuote, Inc. (NASDAQ:EVER) has recently been under the investor's microscope, not only due to executive stock transactions but also because of its financial standing and market performance. Here are some insights based on real-time data and InvestingPro Tips that can provide a broader context to the company’s operations and stock activity.
InvestingPro Data:
- EverQuote's market capitalization currently stands at 656.53 million USD, reflecting the market's valuation of the company.
- The company's gross profit margin is an impressive 92.2% for the last twelve months as of Q4 2023, indicating strong efficiency in its operations.
- EverQuote's stock is trading near its 52-week high, with the price being 91.1% of this peak, signaling investor confidence or potential optimism about the company's future prospects.
InvestingPro Tips:
- EverQuote is noted for holding more cash than debt on its balance sheet, which suggests a strong liquidity position that can be reassuring for investors looking at the company's financial resilience.
- Analysts predict that the company will be profitable this year, which could be a significant turnaround considering the company was not profitable over the last twelve months.
These insights, particularly the anticipated return to profitability and robust gross profit margins, may be of interest to investors considering the timing of the CTO's stock sale. For those who wish to delve deeper into EverQuote's financials and stock performance, InvestingPro offers a comprehensive suite of additional tips. There are currently 11 more InvestingPro Tips available for EverQuote, which can be accessed with a subscription. For readers interested in taking advantage of this resource, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.