Metromile (NASDAQ:MILE) Stock Rating Lowered by Zacks Investment Research

Metromile (NASDAQ:MILEGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Saturday, Zacks.com reports.

According to Zacks, “Metromile Inc. provides digital insurance platform principally in the United States. The company offers real-time, personalized auto insurance policies. Metromile Inc., formerly known as INSU Acquisition Corp. II, is based in SAN FRANCISCO. “

MILE opened at $1.00 on Friday. The stock has a market cap of $128.17 million, a price-to-earnings ratio of -0.55 and a beta of 0.69. Metromile has a twelve month low of $0.78 and a twelve month high of $12.74. The company’s 50-day moving average price is $1.14 and its two-hundred day moving average price is $1.76.

Metromile (NASDAQ:MILEGet Rating) last released its earnings results on Monday, February 28th. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.29). The company had revenue of $29.52 million during the quarter, compared to analysts’ expectations of $10.20 million. Metromile had a negative net margin of 130.53% and a negative return on equity of 53.90%. On average, sell-side analysts expect that Metromile will post -0.64 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in shares of Metromile by 345.2% during the 1st quarter. Renaissance Technologies LLC now owns 473,200 shares of the company’s stock valued at $625,000 after buying an additional 366,900 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Metromile by 11.2% during the 1st quarter. Northern Trust Corp now owns 928,076 shares of the company’s stock valued at $1,224,000 after buying an additional 93,252 shares in the last quarter. Verition Fund Management LLC lifted its stake in shares of Metromile by 11.5% during the 1st quarter. Verition Fund Management LLC now owns 1,045,316 shares of the company’s stock valued at $1,380,000 after buying an additional 108,057 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Metromile by 5.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 574,247 shares of the company’s stock valued at $759,000 after buying an additional 28,914 shares in the last quarter. Finally, Ergoteles LLC lifted its stake in shares of Metromile by 360.6% during the 1st quarter. Ergoteles LLC now owns 2,382,590 shares of the company’s stock valued at $3,145,000 after buying an additional 1,865,319 shares in the last quarter. Hedge funds and other institutional investors own 62.46% of the company’s stock.

About Metromile (Get Rating)

Metromile, Inc provides insurance policies for automobile owners in the United States. It operates through two segments, Insurance Services and Enterprise Business Solutions. The company offers pay-per-mile auto insurance policies. It also provides The Pulse, a device that plugs into the diagnostic port of its customer's car and transmits data, such as miles driven, driving habits, phone use, speeding, hard braking, accelerating, cornering, and location over wireless cellular networks.

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