Why Shares of Root Skyrocketed Today

Shares of the auto insurance company Root (NASDAQ: ROOT) surged nearly 24% today after reporting earnings results for the third quarter of 2021.

Root reported a net loss of $0.53 earnings per share on total revenue of nearly $94 million. Both amounts beat consensus estimates, particularly on revenue. The consensus revenue estimate for the quarter was only about $60 million.

Gross written premiums of nearly $205 million jumped from $177 million in the second quarter.

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Source Fool.com