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EverQuote, Inc. (EVER)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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11.10-0.38 (-3.31%)
At close: 04:00PM EDT
11.36 +0.26 (+2.34%)
After hours: 05:02PM EDT
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  • M
    MJ Stock Trader
    EverQuote Announces Third Quarter 2020 Financial Results

    November 02, 2020
    Revenue Increased 34 % Year-Over-Year to $ 90.0 Million
    Non-Auto Insurance Revenue Increased 55 % Year-Over-Year to $ 15. 2 Million
    Variable Market Margin Expanded to a R ecord 33% of Total Revenue
    Company Raises Full Year 2020 Guidance
    CAMBRIDGE, Mass., Nov. 02, 2020 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the third quarter ended September 30, 2020.

    “Our strategy continues to yield excellent results and we reported a strong quarter across all of our key financial metrics – delivering 34% year-over-year revenue growth and 41% year-over-year VMM growth,” said Seth Birnbaum, CEO and Co-Founder of EverQuote. “During the quarter, revenue from our non-auto insurance verticals, which includes home and renters, life, health and commercial insurance, grew 55% year-over-year. Our marketplace flywheel is demonstrating progress and resilience benefiting from increased diversity across our team, traffic, verticals, distribution and customer experiences including direct-to-consumer agency initiatives in Life and Health insurance. We continue to have strong momentum in the business, benefitting from the massive industry shift of nearly $150B of insurance distribution spend moving online, allowing us to end the year raising our full year 2020 guidance,” concluded Mr. Birnbaum.

    Third Quarter 2020 Financial Highlights:
    (All comparisons are relative to the third quarter of 2019 unless otherwise stated):

    Total revenue of $90.0 million, an increase of 34%.
    Automotive insurance vertical revenue of $74.8 million, an increase of 30%.
    Revenue from our other insurance verticals, which includes home and renters, life, health and commercial insurance, increased 55% to $15.2 million.
    Variable Marketing Margin of $29.4 million, an increase of 41%.
    GAAP net loss of $3.2 million, compared to GAAP net income of $0.2 million.
    Adjusted EBITDA of $5.2 million, compared to Adjusted EBITDA of $3.9 million.
    Third Quarter 2020 Business Highlights:

    The Company’s consumer traffic initiatives led to an 18% year-over-year increase in revenue per quote request and a 14% year-over-year increase in quote requests.
    More than 90% of revenue from carriers came from those who have been on our platform for more than a year.
    The Company obtained a deep level of integration with 72% of its carrier partners, improving the customer experience.
    On September 1, 2020, EverQuote completed the previously announced acquisition of Crosspointe Insurance & Financial Services, LLC, a leading health insurance agency headquartered in Evansville, Indiana.
    Fourth Quarter and Increased Full-Year 2020 Guidance:

    EverQuote anticipates Revenue, Variable Marketing Margin and Adjusted EBITDA to be in the following ranges:

    Fourth quarter 2020:

    Revenue of $90.4 - $92.4 million.
    Variable Marketing Margin of $29.3 - $30.3 million.
    Adjusted EBITDA in the range of $4.0 - $5.0 million.
    Full year 2020

    Revenue of $340.0 - $342.0 million, an increase from our previous range of $331.0 - $336.0 million.
    Variable Marketing Margin of $106.0 - $107.0 million, an increase from our previous range of $101.0 - $104.5 million.
    Adjusted EBITDA in the range of $17.0 - $18.0 million, an increase from our previous range of $15.0 - $17.5 million.
    With respect to the Company’s expectations under "Fourth Quarter and Increased Full Year 2020 Guidance" above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net loss in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, interest income and expense, and the provision for (benefit from) income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net loss. In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.
    Bullish
  • C
    Ching
    I feel good about this company. Could be great long term investment and it's very fairly priced. Also institutional ownership is significant which usually indicates something.
  • T
    Travis
    The pattern since last month has been to sell off all the stocks that have had big runs in 2019 hard. Shake out all the weak hands and newbies and people with normal stop losses. This brings losses of anywhere from 20-50% off recent highs and leaves shareholders scratching their heads. The only buyers left after a few weeks or months of that kind of relentless selling are strong hands waiting for big gains. Look at almost every big run up stock in 2019: CRSP, ARWR, IDN,APPS, INMD, and EVER. Notice the pattern? This one could settle out down another 10% easy, so when you buy, buy knowing and expecting that. It's the trend. When it bottoms out, it will do it after several days of low volume most likely and that should happen soon because EVER will be back up on earnings. Be prepared for big drops on no news and with no real justification. The justification is that it ran up plenty last year. That's it. Now, to run some more, it needs to purge itself of all weakness. Get used to it. It's the Wall Street way. Everything cycles in and out of style. If you want immediate returns right now, buy oil and software as service and internet advertising. EVER will be ready to roll a couple weeks before its next earnings report.
  • M
    MJ Stock Trader
    There are two paths forward for EVER - 1) get bought out by a competitor like SLQT, GOCO or EHTH (GOCO has huge sums of money from the IPO) or even someone like Walmart or 2) get past the mourning phase and get aggressive for 2021. This second phase starts with making some press release noise to get investor confidence back. I'm good with either choice, but let's not stick to option 3 - staying silent and just letting the stock bleed into the 20s.
    Bullish
  • B
    Blank
    Sold 4k MRNA at loss of one grand today and bought 4k EVER an average of $42.30 average. This stock will be at $47 by tomorrow.
    Bullish
  • C
    Chris
    CEO and co-founder passed away today, hence the big drop. I?m not well versed in this stock to know what kind of material impact it will have, but the sudden change in management was certainly enough to #$%$ investors today.
  • D
    Donna
    From Seeking Alpha:
    As a refresher, EverQuote's financials are shown above. EverQuote's valuation implies an EV/FY17 revenue multiple of 3.1x, lower than just about every technology IPO this year. Names like Dropbox (DBX), DocuSign (DOCU), Zuora (ZUO), and Zscaler (ZS) are all trading at 14-17x forward revenues.
    In my view, given EverQuote's uncertain growth trajectory balanced against high gross margins and a near-breakeven profitability profile, I'd be willing to pay up to 6.5x revenues for EverQuote - indicating a price target of $35 for the stock.
  • T
    Tom
    Can anybody provide meaningful insight into the price movement?
  • M
    MJ Stock Trader
    Got a great price on the EVER $35 April calls - they were down 20% today. Price should be available today - get on board for the run to earnings next week! Mark this post.
  • d
    dingus
    Dave Blundin with another big buy recorded yesterday, bought the day after the last one! Is something coming? The man behind the incubator that spawned EverQuote and who supposedly holds the majority of votes has bought over 111k shares since 8/31.
    Bullish
  • M
    MJ Stock Trader
    Bought some March calls today. This stock has no business being below $40 right now. Tragic what happened to the CEO, but the company is sound.
    Bullish
  • E
    E
    Looks like we are getting rid off the weak hands… $lmnd $root $ever
    Bullish
  • M
    M_B_E
    On the day of a big market decline, EVER is holding its own.
  • q
    qing
    CEO passed away. That's sad news. However, one man is not the whole company so I don't see why such a big drop is warranted??? The company is not longer somebody's baby so new management is more willing to sell to a competitor. That's the silver lining I see.
  • J
    Julian
    I see this company growing over time, but has lost considerable share value so, my question in order to see the price regain what is there path to profitability?

    There are various market to approach from Auto , Health and Life. The life side the leads generation was outstanding. I took a small stint in writing life policies and did well. I think in general this is a young group of folks still learning the ways. What we don't want to see in wider loses and issuance of shares so we aren't diluted. I'm willing to take a small position with hope this company finds it mojo.

    They could do a better job with investor relations.

    J
    Neutral
  • G
    Gevwwwagrew
    I think the whole adtech sector is being hammered by concerns around degraded ad targeting capabilities due to iOS14 etc.

    If you look at EVER, QNST, MAX, TREE, even Z, all are down ~30-50% from their highs.
  • F
    Footnotereader
    In my 60 years of investing I have never seen a stock with so much insider selling. What do they know that we don't?
  • d
    dingus
    Dave. B. buys another 41k shares, adding to the 48k that he bought in early September. He is the only insider buying size. Something coming?
  • B
    Blank
    Another push bt short-sellers and panic selling by stockholders sold 4k on Friday at $42.70 and bought 5k today @ @39.20 and will add more if goes lower. No reason for today's drop.
    Bullish
  • C
    Ching
    Tell me how corona affects to this stock? Will people need less insurance because of corona? So you, who are selling, bet that so many people will eventually die and won't need insurance anymore?
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