As of this morning, it seems that the proof is in the pudding for insurance company Everquote, a leader in offering different types of coverage to individual and business markets.
Second-quarter financial results released this week show a revenue increase of 35% year-over-year and other compelling positives for the company.
In announcing this news, Everquote leadership cited “the strength of our data driven marketplace” and “solid execution combined with increasing momentum in industry trends.”
Part of what led the company to successful Q2 results, according to CEO Seth Birnbaum is the shift to insurance online and other trends that helped Everquote to drive its data and technology program forward to connect customers with insurance coverage.
As a result of those numbers, Everquote spiked an astounding 35% in pre-market trading, and now stands at over $18, around a 40% percent rise in just 24 hours.
This returns the equity to near all-time highs not seen since Thanksgiving of last year.
“We are laser focused on our mission, key initiatives and growth levers: expanding consumer demand, growing provider budget, increasing consumer-provider engagement and adding new verticals, including the successful launch of renters and health insurance in the quarter,” Birnbaum said in a press statement.
Other Q2 business highlights include ever quotes launching of new health and renters’ insurance products, a 93% increase in direct business revenue, and new technology integrations.
After a price increase of this magnitude, this stock is one to watch. Unlike with many other pre-market spikes, EVER has been holding its value and increasing throughout the late morning which makes the long-term results seem more solid. Consider this when looking at the insurance sector for your portfolio.
