Investing.com -- EverQuote Inc (NASDAQ:EVER) shares climbed 3% in after-hours trading Wednesday following the company's announcement of a $50 million share repurchase program authorized by its Board of Directors.
The program allows EverQuote to purchase up to $50 million of its Class A common stock from time to time. The AI-powered insurance growth solutions provider said the timing and total amount of share purchases will depend on various factors, including market conditions.
Purchases may be made through open market transactions, privately negotiated deals, or other means, including pursuant to Rule 10b5-1 plans. The company noted the program may be suspended or discontinued at any time and does not obligate it to acquire any specific amount of stock.
"We have continued to demonstrate our success in delivering strong free cash flow and have confidence in our ongoing growth trajectory," said Joseph Sanborn, Chief Financial Officer and Chief Administrative Officer of EverQuote. "Our cash generation gives us the ability to fuel growth, invest in our AI innovation and to extend our leadership position, while simultaneously returning capital to shareholders."
EverQuote provides growth solutions for property and casualty insurance providers, working with major insurance carriers and thousands of agents to maximize customer acquisition across digital channels.
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