Root Inc. (ROOT) shares rose 13.70% in after-hours on Wednesday, November 10, 2021, and closed the daily trading at $5.31. However, in the regular trading session, ROOT’s stock lost 5.66%. ROOT shares have fallen 79.60% over the last 12 months, and they have moved down 8.07% in the past week. Over the past three months, the stock has lost 15.70%, while over the past six months, it has declined 48.05%.
Let’s have a look at its recent developments.
ROOT latest financial results
On November 10, 2021, Root, Inc announced financial results for the quarter that ended September 30, 2021.
Q3 2021 financial highlights
- ROOT reported total revenue of $93.8 million in Q3 2021 compared to $50.5 million in Q3 2020.
- Total operating expenses were $220.7 million for the third quarter of 2021 compared to $116.2 million in Q3 2020.
- It suffered a net loss of $133 million or $0.53 loss per basic and diluted share in Q3 2021 compared to a net loss of $85.2 million or $2.20 loss per basic and diluted share in Q3 2020.
ROOT important organizational change
On September 20, 2021, Root, Inc. appointed Daniel Rosenthal as the company’s first Chief Revenue and Operating Officer.
Rosenthal will have responsibility for functions aimed at driving revenue and streamlining operations within the business. In this new role, Dan will oversee performance marketing and growth, corporate strategy, business development, and insurance, including underwriting and pricing initiatives.
ROOT Drop the Score Campaign
On September 16, 2021, Root, Inc celebrated the first anniversary of its Drop the Score campaign to eliminate credit discrimination from auto insurance. The campaign’s anniversary comes as the National Association of Insurance Commissioners (NAIC), a regulatory body that includes commissioners from all 50 states, launches an investigation into industry practices.
ROOT Q2 2021 financial results announcement
On August 11, 2021, Root, Inc. announced financial results for the quarter that ended June 30, 2021.
- Revenue was $89.8 million in Q2 2021 compared to $121.4 million in Q2 2020.
- Total operating expenses were $261.9 million compared to $152.6 million in Q2 2020.
- It suffered a net loss of $178.6 million in Q2 2021 compared to a net loss of $38.9 million in Q2 2020.
Conclusion
Well, Q3 2021 results are not so impressive but it tops the revenue estimates due to which it surged in the after-hours session on Wednesday. we can see it to surge more on Thursday as well.
