EverQuote, Inc. (NASDAQ:EVER) reported better-than-expected first-quarter financial results and issued second-quarter revenue guidance above estimates on Monday.
EverQuote posted quarterly earnings of 5 cents per share, compared to market expectations for a loss of 7 cents per share. The company's quarterly sales came in at $91.06 million versus estimates of $80.31 million, according to data from Benzinga Pro.
"We had a strong start to 2024, delivering first quarter results that exceeded the high end of our guidance range for revenue, Variable Marketing Margin, or VMM, and Adjusted EBITDA," said Jayme Mendal, CEO of EverQuote. "We believe we are in the early stages of what will be a multi-year auto carrier recovery as insurers have continued to selectively reactivate marketing campaigns, increase budgets, and expand their state footprints in our marketplace. I want to thank the EverQuote team for the incredible tenacity they have demonstrated and continue to demonstrate through the recent hard market cycle and our customers for their continued partnership."
EverQuote said it sees second-quarter revenue of $100 million to $105 million, versus estimates of $77.29 million.
EverQuote shares gained 14.7% to trade at $24.50 on Tuesday.
These analysts made changes to their price targets on EverQuote following earnings announcement.
- Needham raised the price target on EverQuote from $25 to $30. Needham analyst Mayank Tandon maintained a Buy rating.
- Canaccord Genuity boosted the price target on EverQuote from $25 to $30. Canaccord Genuity analyst Michael Graham maintained a Buy rating.
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