On June 6, 2023, Principal Financial Group Inc. announced its acquisition of a new position in shares of EverQuote, Inc. (NASDAQ:EVER). According to the company’s most recent Form 13F filing with the Securities & Exchange Commission, the fund acquired 25,771 shares of the online insurance marketplace’s stock, valued at approximately $380,000. As of the end of the most recent quarter, Principal Financial Group Inc. owned approximately 0.08% of EverQuote.
EverQuote operates as a leading online insurance marketplace that connects consumers with insurance providers across various categories such as car, home and life insurance. The firm boasts of an expansive data and technology platform that efficiently matches and connects consumers seeking to purchase insurance with relevant options from its broad direct network of insurance providers. By leveraging technology advancements and leveraging data analytics to provide personalized services to customers, they are one of the market leaders in their respective industry.
On Tuesday June 6th when this article was written NASDAQ:EVER opened at $9.08 which is relatively low compared to last year’s high and low prices which stand at $18.86 and $5.23 respectively. The firm has a current market cap that sits at $296.10 million along with a PE ratio of -13.76 and a beta value of 1.20.
In summary, Principal Financial Group Inc.’s acquisition is expected to add value to EverQuote by increasing its portfolio of shareholders who have confidence in its business model for engaging customers through personalized services based on advanced data analysis technologies across different categories such as car, home and life insurance coverage options amongst others allowing for further expansion beyond these verticals with the acquisition giving EverQuote access to broader expertise within financial markets thus spurring growth opportunities into sectors previously untouched providing sustainable revenue streams for both entities involved in this business deal.
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Institutional Investors Show Interest in EverQuote, Inc. with Significant Activity in Q4 2022
EverQuote, Inc., an online insurance marketplace, recently saw significant activity by institutional investors in the fourth quarter of the previous year. First Eagle Investment Management LLC purchased a new stake worth $1,880,000. In addition, hedge funds and other institutional investors own over half of the company’s stock at 51.76%. Envestnet Asset Management Inc. increased its holdings in EverQuote by 72.4% to 277,374 shares worth $4,088,000 after buying an additional 116,527 shares. Raymond James & Associates added 8.2% to its holdings and now owns 31,926 shares of the company’s stock worth $471,000 after buying an additional 2,409 shares in the last quarter. UBS Group AG also boosted its ownership in EverQuote by a significant margin of 601.8%, owning 12,962 shares worth $191,000 after adding another 11,115.
In more recent news regarding EverQuote’s management team specifically their Chief Technology Officer (CTO) David Brainard announced he sold a total of 10,305 shares on March 17th at an average price of $12.53 per share for a total transaction amounting to $1292181 before fees and commissions on his trade giving him a total holding of approximately $2M today with over 163k common stock shares remaining within the company following said sale however this does come amidst some insider selling as insiders have been offloading positions over recent quarters totaling just over 17k sold while they still maintain a modest percentage being about ~38%.
Everquote provides consumers with insurance policies that suit their needs through their online platform specializing in auto/home/life policies amongst others via various partnerships with insurance carriers directly as well as aggregators to bring all available options under one roof providing ease and convenience while capturing commissions on every policy sold thereby enabling revenue grossing around $109 million in Q1 of 2023 however despite outperforming analyst expectations at a loss of $0.08 EPS the previous quarter, suggesting trouble in business model churn which has created some concerns with Needham & Company LLC slashing their target price to $10 from $21 while Oppenheimer lowered their rating from “outperform” to “market perform”. JPMorgan Chase on the other hand responded more positively with an upgrade in target price for EverQuote to $18.