Root Inc. (ROOT) shares declined 1.16% in after-hours on Wednesday, August 11, 2021, and closed the daily trading at $6.79. its stock price remained unchanged in the regular trading session of Wednesday. ROOT shares have moved down 5.63% in the past week. Over the past three months, the stock has lost 24.17%, while over the past six months, it has declined 67.84%. Further, the company has a current market of $1.75 billion and its outstanding shares stood at 247.10 million.
Recent financial results announcement
On August 11, 2021, Root, Inc the parent company of Root Insurance Company, announced financial results for the quarter ended June 30, 2021.
Q2 2021 financial highlights
- the company reported revenue of $89.8 million for Q2 2021 compared to $121.4 million in Q2 2020.
- Total operating expenses were $261.9 million in Q2 2021 compared to $152.6 million in Q2 2020.
- It suffered a net loss of $178.6 million in Q2 2021 compared to $32.2 million in Q2 2020.
- Loss per basic and diluted common share was $0.72 in Q2 2021 compared to $1.03 in Q2 2020.
ROOT Partnership with Carvana
On August 11, 2021, Carvana (CVNA), and Root, Inc. announced an exclusive partnership to develop integrated auto insurance solutions for Carvana’s online car-buying platform. In connection with the partnership, Carvana will invest approximately $126 million in Root, Inc., subject to customary regulatory approvals.
Partnership with Tremor
On June 15, 2021, Root, Inc successfully placed its June property catastrophe program with Tremor Panorama. As the leading online marketplace in reinsurance, Tremor enhances the placement process by using modern technology to help provide a more efficient and data-rich experience.
Tremor has recently announced more than $1 billion in new placement commitments with 20% more reinsurer capacity in the last quarter alone and continues to add new insurers and reinsurers to its platform each month.
ROOT made new appointments
On June 07, 2021, Root, Inc. announced important additions to the executive leadership team as it launches into its next chapter of growth. Anirban Kundu joined as Chief Technology Officer on June 21, and Michele Streitmatter joined the company as Chief People and Organizational Effectiveness Officer on June 28.
ROOT arrived in Wisconsin
On June 03, 2021, Root, Inc, announced its entry into Wisconsin. The service is now available to the 4.3 million drivers in Wisconsin, making it the company’s 31st state. A fellow Midwesterner, Root was founded in Columbus, Ohio, and is thrilled to be available in more Great Lakes states.
Conclusion
ROOT stock faced negativity in the after-hours on Wednesday after it released its poor financial results for Q2 2021 and it can further go down in the next trading session.
