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Although MILE has been making decent progress in enhancing its direct-to-consumer channels and state expansion to acquire new customers, the reduced demand for its pay-per-mile auto insurance and higher cancellation rates could hamper its near-term growth. The stock is currently trading 76.4% below its 52-week high of $4.81, which it hit on February 17.
The company lowered its previous guidance for the full year 2021. The bleak outlook and declining financials could lead to its stock witnessing further pullback in the upcoming months.
