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Why Shares of Root Skyrocketed Today

TheMotleyFool

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Why Shares of Root Skyrocketed TodayPhoto, wide shot, wide-angle lens, soft focus, Risk management company, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-vkrXsXVXnZepYEkiT4BvjtCA.png?st=2023-05-14T13%3A27%3A43Z&se=2023-05-14T15%3A27%3A43Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-14T00%3A09%3A01Z&ske=2023-05-15T00%3A09%3A01Z&sks=b&skv=2021-08-06&sig=y1VhH4rrtYGKSVOHO3rBwhpmvE42GCwp7%2BKdLaLI7kA%3D

Shares of the auto insurance company Root (NASDAQ: ROOT) surged nearly 24% today after reporting earnings results for the third quarter of 2021.

Root reported a net loss of $0.53 earnings per share on total revenue of nearly $94 million. Both amounts beat consensus estimates, particularly on revenue. The consensus revenue estimate for the quarter was only about $60 million.

Gross written premiums of nearly $205 million jumped from $177 million in the second quarter.

Source Fool.com

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