Monimus Capital Management LP Invests $2.14 Million in EverQuote, Inc. (NASDAQ:EVER)

Monimus Capital Management LP has made a significant investment in EverQuote, Inc. (NASDAQ:EVER) during the fourth quarter, as revealed in their latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 107,066 shares of EverQuote, which represents an investment valued at around $2.14 million. This new stake accounts for approximately 2.0% of Monimus Capital Management LP's total investment portfolio, making EverQuote their 19th largest holding. By the end of the most recent quarter, Monimus owned about 0.30% of EverQuote's outstanding shares.

Recent activities among other institutional investors indicate a growing interest in EverQuote. For instance, Charles Schwab Investment Management Inc. increased its share in EverQuote by 255.2% in the third quarter, resulting in ownership of 240,482 shares valued at $5.07 million after acquiring an additional 172,785 shares. Similarly, Connor Clark & Lunn Investment Management Ltd. boosted its stake by an impressive 636.0%, owning 104,729 shares worth $2.21 million after purchasing 90,500 shares. Geode Capital Management LLC also raised their stake by 10.4%, bringing their total to 595,155 shares valued at approximately $12.55 million after an additional 56,114 shares were acquired. Additionally, Barclays PLC increased its holdings by 331.2%, owning 50,983 shares worth around $1.08 million after acquiring 39,160 shares in the last quarter. Lastly, JPMorgan Chase & Co. made a notable adjustment, raising its holdings by a staggering 3,022.8% to 385,629 shares valued at $8.13 million after acquiring 373,280 shares. Currently, hedge funds and institutional investors collectively own 91.54% of EverQuote's stock.

Recent Stock Performance of EverQuote

On Friday, EverQuote traded up by 3.6%, opening at $26.61. As of now, the stock has a fifty-day simple moving average of $21.71 and a two-hundred-day simple moving average of $20.46. With a market capitalization of $950.62 million, EverQuote holds a price-to-earnings ratio of 78.26 and a beta of 1.01. The company's stock has experienced a 12-month low of $16.63 and a high of $28.09.

EverQuote recently released its quarterly earnings report on February 24, where it reported earnings of $0.33 per share, surpassing analysts’ expectations of $0.15 by $0.18. The company achieved a return on equity of 13.94% and a net margin of 3.31%. Their reported revenue for the quarter stood at $147.46 million, exceeding the consensus estimate of $133.83 million. Analysts forecast that EverQuote, Inc. will report an EPS of $0.72 for the current year.

Insider Activity at EverQuote

In related developments, there have been recent insider transactions at EverQuote. On February 26, CTO David Brainard sold 2,238 shares at an average price of $26.14, amounting to a total transaction value of $58,501.32. Following this sale, Brainard owns 153,336 shares valued at approximately $4.01 million, marking a 1.44% decrease in his ownership. This sale was documented in a filing with the SEC. Furthermore, CAO Jon Ayotte sold 7,647 shares on February 27 at an average price of $25.72, totaling $196,680.84. After this transaction, Ayotte owns 58,045 shares valued at around $1.49 million, reflecting an 11.64% decrease in his ownership. Over the past three months, insiders have sold 71,453 shares worth approximately $1.46 million, and insiders collectively hold 29.79% of EverQuote's stock.

Analyst Insights on EverQuote

EverQuote has recently caught the attention of several Wall Street analysts. Raymond James upgraded the stock from an "outperform" rating to a "strong buy" with a target price of $35.00 in a report published on December 26. On the other hand, Canaccord Genuity Group lowered their price target from $35.00 to $30.00 while maintaining a "buy" rating as of February 24. Meanwhile, JPMorgan Chase & Co. increased their target price from $25.00 to $29.00, issuing an "overweight" rating on February 25. Additionally, Needham & Company LLC raised their target from $30.00 to $38.00, also providing a "buy" rating. Overall, five research analysts have rated EverQuote with a buy rating while one has given it a strong buy rating. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $32.33.

About EverQuote

EverQuote, Inc is an online platform that enables consumers to compare and purchase insurance in the United States. The company offers various insurance products including auto, home, renters, and life insurance, catering to carriers, agents, and indirect distributors. Originally named AdHarmonics, Inc., the company rebranded as EverQuote, Inc in November 2014.

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