Root Stock In Spotlight After Insurer Expands Services To Minnesota: Retail Turns Bullish
By Stocktwits Inc | First Published Dec 17, 2024, 11:55 PM ISTThe insurer claims it now serves drivers in 35 states and covers more than 77% of the U.S. population.
Insurance solutions provider Root, Inc., announced on Tuesday that it is expanding to Minnesota, extending its services to the state's over four million registered drivers.
The insurer claims it now serves drivers in 35 states and covers more than 77% of the U.S. population.
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According to the firm, Minnesotans can access its insurance services through the Root mobile app or at joinroot.com, with the ability to sign up in under a minute.
“Drivers then complete a test drive over a few weeks, during which the app measures habits like focused driving, smooth braking, and gentle turning. Safe drivers could see significant savings with the flexibility to choose coverage levels and manage claims, all through the app,” the firm said in a statement.
Following the announcement, retail sentiment on Stocktwits flipped into the ‘bullish’ territory (70/100) from ‘neutral’ a day ago. The move was accompanied by ‘high’ message volume.
Most messages on Stocktwits indicate a positive take on the stock.
At the end of October, ROOT announced strong third-quarter earnings. Gross premiums written increased 48% to $332 million, while gross premiums earned nearly doubled to $317 million.
Total revenues rose 165% year-over-year (YoY) to $305.7 million. Net income stood at $21.7 million compared to a $45.8 million loss in the same quarter a year ago.
Last month, ROOT shares hit over three-month highs after crossing the $109 mark. The stock has gained a whopping 622% since the beginning of the year, significantly outperforming the benchmark U.S. indices.
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