EverQuote slumps on wider-than-expected Q3 loss, weak Q4 outlook

EverQuote

02/11/2021 11:58

** Online auto insurance marketplace EverQuote Inc  EVER.O 
shares dip 9.07% pre-market Tuesday - on course to hit its
lowest in nearly two years - after reporting Q3 earnings
    ** Reports Q4 loss of 18 cents/shr vs. est. loss of 16
cents/shr -Refinitiv data  urn:newsml:reuters.com:*:nASA02PL7
    ** Expects rev of $93.5 mln-$98.5 mln vs. est. $105.87 mln 
    ** J.P.Morgan cuts stock to "neutral" from "overweight",
saying it is "taking a more selective sector stance in a hard
market cycle" as auto carrier spend faces headwinds; says claims
costs has been much larger than expected
    ** "We expect auto carrier budgets to remain volatile in the
near term, and its hard for us to be overly confident in the
pace of recovery" -JPM
    ** Canaccord also cuts PT to $25 from $30, citing insurance
industry headwinds, especially in the auto segment
    ** On Oct. 19, stock hit a two-year-low after the company
trimmed its Q3 rev outlook  urn:newsml:reuters.com:*:nL4N2RF3PI
    ** Avg rating "buy", median PT $25 -Refinitiv data
    ** Stock down 61.61% YTD

 (Reporting by Anisha Sircar)
 ((Anisha.Sircar@thomsonreuters.com))