Root Is Down Big Since Going Public 8 Months Ago. Can It Bounce Back?
Root (NASDAQ: ROOT) was founded on the belief that data and technology could disrupt a $260 billion auto insurance industry and eliminate the usage of credit scores, which it says are inherently biased. The auto insurer is known for its heavy use of telematics -- or driving data it collects from users' cellphones -- and its machine learning models for underwriting policies and dealing with claims.
Since going public in October 2020, Root has seen its stock drop by more than half. Investors have been down on the insurtech company, which has yet to turn a profit. Root is making progress, but there are still boxes I want to see it check off before considering it a buy. Here's what you should know.
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Source Fool.com
