Canaccord Genuity analyst Maria Ripps has maintained their bullish stance on EVER stock, giving a Buy rating today.
Maria Ripps has given her Buy rating due to a combination of factors, primarily focusing on EverQuote’s strong financial performance and strategic initiatives. The company reported impressive Q1 results, with revenue, VMD, and adjusted EBITDA significantly surpassing expectations. This performance is largely driven by a robust recovery in auto insurance customer acquisition spending, which has led to substantial enterprise spend growth.
Additionally, EverQuote’s focus on leveraging AI and machine learning to enhance platform efficiency and efficacy is noteworthy. The company’s ML-based traffic bidding platform and SmartCampaigns product have contributed to improved campaign performance and efficient traffic acquisition. Furthermore, EverQuote’s strong cash generation and strategic cash position, alongside a positive Q2 outlook with expected revenue and EBITDA growth, reinforce the Buy rating. These factors, combined with ongoing investments in technology and product development, position EverQuote well for future growth.
In another report released today, Needham also reiterated a Buy rating on the stock with a $38.00 price target.
Based on the recent corporate insider activity of 150 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EVER in relation to earlier this year.