Insurer Root climbs on strong Q3 results, guidance

Root

11/11/2021 11:38

** Insurance co Root's shares  ROOT.O  up 9.9% at $5.2
premarket 
    ** Co beats Q3 revenue estimates and reports
smaller-than-expected loss
    ** Reports loss of 53 cents/share vs. est 69 cents/share and
revenue of $93.8 mln vs. est $59.5 mln - Refinitiv data
    ** "While we pulled back on performance marketing spend in
the quarter, the tail effect from dollars previously committed
drove outperformance in the top line" - co 
    ** ROOT forecasts a smaller FY operating loss in 2021 and a
"meaningful" improvement in FY loss in 2022
    ** Three of 13 brokerages rate the stock "buy", 9 "hold" and
1 "sell"; their median PT is $6.5 - Refinitiv data 
    ** Up to last close, stock had fallen 70.3% this year 

 (Reporting by Bansari Mayur Kamdar)
 ((BansariMayur.Kamdar@thomsonreuters.com;))