Root surges in late trade after financial report, loan amendment

Root

30/10/2024 21:46

** Shares in Root Inc  ROOT.O  up >60% in after-hours trading on
Wed after the company reported a quarterly profit and said it
re-financed a loan to reduce interest expenses
    ** ROOT, whose subsidiaries offer auto and renters
insurance, says it refinanced term loan facility with BlackRock
Capital Investment Advisors, LLC, allowing it to reduce interest
expense by ~50% on run-rate basis
    ** Co also reported Q3 EPS of $1.35 per diluted share vs
loss of $3.16 in year-ago quarter on rev of $305.7 mln up from
$115.3 mln in year-ago quarter
    ** ROOT stock, which closed Wed's session at $40.49, was
last at $65.24 in after the bell trading
    ** Median PT for the stock is $68, per LSEG, which shows 6
analyst ratings: 1 'strong buy,' 2 'buy' and 3 'hold' ratings
    ** Stock had closed up 286% YTD after ending 2023 at $10.48

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))