Root soars after smaller-than-expected Q1 loss

Root

01/05/2024 11:49

** Insurer Root's  ROOT.O  shares surge 30% to $90.54 before
the bell, adding to a rally that has propelled the stock
six-fold this year
    ** Stock set to open at highest level since Nov. 2021, if
current gains hold
    ** Co reports Q1 loss of 42 cents/shr, much smaller than
estimates of $2.48/shr, according to LSEG
    ** ROOT earns higher premiums from its insurance policies
and its investments performed better than expected
    ** Shares of larger rivals Progressive  PGR.N  and Allstate
 ALL.N  have jumped 31% and 21.5% YTD, respectively, as of last
close

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))