Canaccord analyst Michael Graham held investor meetings with EverQuote management to discuss the soft stock performance following the outstanding Q2 results. The analyst believes the stock softness could be typical of new issue volatility, especially ahead of a lock-up expiration, investors may be seeking a period of execution before getting comfortable with the model, or the concentration of IPO buyers may be rotating out for various reasons. Despite the reasons, the analyst believes the fundamentals remain strong with several sources of optimism for revenue estimates. Graham reiterated his Buy rating and $23 price target on EverQuote shares.