HomeTop MoversHere is why Metromile Inc. (MILE) stock slid down in the after-hours...

Here is why Metromile Inc. (MILE) stock slid down in the after-hours on Monday?

Metromile Inc. (MILE) shares declined 17.79% in after-hours on Monday, August 09, 2021, and closed the daily trading at $5.73. However, in the regular trading session on Monday, MILE’s stock gained 1.46%. MILE shares have moved down 1.41% in the past week. Over the past three months, the stock has lost 10.98%, while over the past six months, it has shed 63.39%. The company has a current market of $892.72 million and its outstanding shares stood at 75.79 million.

Let’s have a look at its recent news and developments.


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MILE latest financial results announcement

On August 09, 2021, Metromile, Inc. (MILE), announced financial results for the second quarter of 2021.

Q2 2021 financial highlights

  • MILE reported revenue of $28.0 million in Q2 2021 compared to $7.72 million in Q2 2020.
  • GAAP Gross Margin was 8.2% in the second quarter of 2021 compared to 19.5% in the second quarter of 2020
  • Total operating expenses were $76.18 million in the second quarter of 2021, compared to $15.05 million in Q2 2020.
  • It suffered a net loss of $41.26 million or net loss per basic and diluted share of $0.33 in Q2 2021 compared to a net loss of $41.26 million or net loss per basic and diluted share of $1.00 in Q2 2020.
  • As of June 30, 2021, Company had cash and cash equivalents totalled $202.6 million compared to $19.2 million, as of December 31, 2020.

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MILE new Board members

On August 03, 2021, Metromile, Inc. (MILE) announced that two seasoned insurance and finance executives are joining its board of directors. John Butler, a managing director of Cohen & Company Inc joined on August 4. Sandra Clarke, CFO of Blue Shield of California, will join as a board director effective August 31.

Metromile Partnership with Hippo

On May 17, 2021, Metromile, Inc. (MILE), and Hippo Insurance Services announced a partnership to offer consumers modern auto and homeowners’ insurance with a new multi-policy discount.

Through the partnership, Metromile drivers and Hippo homeowners will be able to insure their home, personal belongings, and vehicles and benefit from advanced smart devices and technology.

Conclusion

The company lowered its FY 2021 financial figures yesterday and announced Q2 2021 financial results due to which its stock went down in the evening session of Monday.

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About MILE Stock

Metromile (MILE) is a leading digital insurance platform in the United States. With data science as its foundation, Metromile offers real-time, personalized auto insurance policies by the mile instead of the industry’s reliance on approximations that have historically made prices unfair.

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