The firm also lifted its revenue guidance
Insurance concern EverQuote Inc (NASDAQ:EVER) is eyeing its best day on record, after announcing second-quarter earnings and revenue that exceeded analysts' estimates. The firm said its 35% growth in revenue was sparked by "broad-based momentum and the strength of our data-driven marketplace." EverQuote also lifted its third-quarter revenue guidance and full-year forecast. In response, EVER stock is trading at an annual high, up 35.8% at $17.92.
The beat-and-raise is sparking plenty of analyst bull notes, with Raymond James upgrading the stock to "outperform," and Cannacord Genuity lifting its price target to $20 from $13. Plus, J.P. Morgan Securities established a December 2020 price target of $20, compared to its December 2019 price target of $14. Now, the security's consensus 12-month price target of $19.36 is at just a 6.4% premium to current levels, and all eight in coverage are calling EVER a "buy" or better.
This optimism shouldn't come as a shock, though. EVER has enjoyed an impressive year on the charts, boasting a nearly 335% year-to-date gain. In fact, the equity bottomed out in late December right atop the $4 level, and since then has steadily climbed atop its 20-day and 50-day moving averages.
Despite this rally, short interest has risen to an all-time high of 1.02 million shares. These pessimistic positions cover 13.5% of the stock's available float, and would take six days to cover, at the stock's average pace of trading -- leaving plenty of room for a short squeeze to propel EVER even higher.