Link Ventures, LLLP, a significant shareholder in EverQuote , Inc. (NASDAQ:EVER), has recently engaged in the sale of company shares, according to the latest filings. The transactions, conducted on May 2nd and 3rd, 2024, resulted in the sale of a total of 7,614 shares at an average price range between $21.88 and $21.9 per share, amounting to over $166,692.
The sales were executed in accordance with a pre-arranged trading plan under Rule 10b5-1, which was adopted on September 5, 2023. This rule allows company insiders to set up a trading plan for selling stocks they own in a way that avoids accusations of insider trading.
On the first day of the transaction period, Link Ventures sold 2,730 shares of EverQuote at an average price of $21.88. The following day, an additional 4,884 shares were sold at an average price of $21.90. It's noteworthy that the shares were sold at varying prices within a specific range, with the first day's sales ranging from $21.70 to $22.26 and the second day's sales ranging from $21.70 to $22.10.
Following these transactions, Link Ventures' holdings in EverQuote decreased, but they still retain a substantial number of shares. The sales were reported jointly by Link Ventures, LLLP and Link Management, LLC, with the latter being the general partner of Link Ventures and holding a 1% general partner interest.
EverQuote operates within the technology sector, providing an online marketplace for insurance shopping. The company's performance and stock prices are of keen interest to investors, and transactions by major shareholders such as Link Ventures are closely watched for indications of insider sentiment towards the company's future prospects.
Investors interested in the specifics of the sales, including the number of shares sold at each price point within the reported ranges, can request detailed information from the reporting entities as per the filing.
The sale of EverQuote shares by Link Ventures comes amidst the dynamic and ever-changing landscape of the tech industry, where company valuations and stock performance can be influenced by a variety of factors, including insider transactions.
InvestingPro Insights
As stakeholders in EverQuote, Inc. (NASDAQ:EVER) monitor insider transactions for cues about the company's trajectory, recent data from InvestingPro provides a nuanced perspective on the firm's financial health and market performance. With a market capitalization of $741.73 million, EverQuote stands out with an impressive gross profit margin of 92.2% over the last twelve months as of Q1 2023. This metric underscores the company's ability to manage its cost of goods sold effectively, which is particularly relevant given the sales by Link Ventures.
InvestingPro Tips highlight that EverQuote, despite not being profitable over the last twelve months, is predicted by analysts to become profitable this year. This forward-looking optimism is mirrored in the company's significant share price appreciation, with a 230.05% return over the last year and a 192.34% increase over the last six months. These substantial returns could indicate growing investor confidence in the company's future earnings potential, which might be a factor in Link Ventures' decision to sell shares at this time.
As EverQuote trades near its 52-week high, at 95.82% of the peak, and at a high Price / Book multiple of 9.31, investors are witnessing a company that holds more cash than debt, providing it with a solid financial footing. This is a critical point for investors considering the impact of Link Ventures' share sale on EverQuote's stock value. For those looking to delve deeper into EverQuote's potential, InvestingPro offers additional insights, with a total of 13 InvestingPro Tips available to help inform investment decisions. To access these insights and benefit from a comprehensive analysis, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/EVER.
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