EverQuote hits over 2-yr low on downbeat Q3 outlook, Needham's PT cut

EverQuote

19/10/2021 18:40

** Shares of online insurance marketplace  EVER.O  down
16.1% at $14.56, their lowest since August 2019
    ** Co lowers its Q3 revenue outlook to $106.5 mln–$107.5
mln, below Refinitiv est of ~$109.9 mln
    ** Revised adj EBITDA forecast of $2 mln-2.5 mln is also
lower than Street expectations
    ** Co says Q3 performance impacted by challenges in the auto
insurance market; several of its key carrier customers pulled
back marketing efforts to restore their target levels of
profitability after experiencing higher than expected claims
losses  urn:newsml:reuters.com:*:nGNXvJHlY
    ** EVER also plans to implement a ~10% structural reduction
in its non-marketing operating expenses     
    ** Co to report Q3 results and update FY21 outlook on Nov. 1
    ** Needham cuts PT to $19 from $45, lowest among the eight
brokerages covering the stock - Refinitiv data
    ** About 1 million shares have traded so far on Tuesday,
~355.8% of their 30-DMA volume
    ** Shares down 53.6% for the year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))