Metromile (NASDAQ:MILE) Downgraded by Zacks Investment Research to “Hold”

Metromile (NASDAQ:MILE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, 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. “

A number of other analysts have also issued reports on the stock. Piper Sandler reduced their price target on shares of Metromile from $6.00 to $3.27 and set a “neutral” rating for the company in a research report on Tuesday, November 16th. Cantor Fitzgerald lowered shares of Metromile from an “overweight” rating to a “neutral” rating and set a $7.00 price target for the company. in a research report on Tuesday, August 10th.

MILE stock opened at $2.68 on Wednesday. Metromile has a one year low of $2.46 and a one year high of $20.39. The firm has a 50-day moving average of $3.47 and a two-hundred day moving average of $6.05.

Metromile (NASDAQ:MILE) last posted its quarterly earnings data on Monday, November 15th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.06). Sell-side analysts predict that Metromile will post -1.53 EPS for the current year.

In related news, Director David A. Friedberg sold 2,500,000 shares of the stock in a transaction that occurred on Thursday, November 18th. The stock was sold at an average price of $2.74, for a total value of $6,850,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link.

Hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. acquired a new position in Metromile during the first quarter valued at approximately $1,152,000. BlackRock Inc. grew its holdings in Metromile by 129.3% during the second quarter. BlackRock Inc. now owns 3,055,084 shares of the company’s stock valued at $27,953,000 after purchasing an additional 1,722,866 shares during the last quarter. Golden State Equity Partners acquired a new position in Metromile during the second quarter valued at approximately $112,000. Wescott Financial Advisory Group LLC acquired a new position in Metromile during the second quarter valued at approximately $301,000. Finally, Royal Bank of Canada acquired a new position in Metromile during the first quarter valued at approximately $172,000. Institutional investors own 51.02% of the company’s stock.

About Metromile

Metromile, Inc provides pay-per-mile car insurance services in the United States and internationally. The company also licenses artificial intelligence claims platform to automate claims, reduce losses associated with fraud, and unlock the productivity of insurance carriers' employees. In addition, it offers The Pulse, a device that plugs into the diagnostic port of its customer's car and transmits data over wireless cellular networks.

See Also: What is dollar cost averaging (DCA)?

Get a free copy of the Zacks research report on Metromile (MILE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Metromile Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Metromile and related companies with MarketBeat.com's FREE daily email newsletter.