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Root, Inc. (ROOT) reported a significant turnaround in its third-quarter earnings, surpassing estimates and achieving profitability for the first time. Following the announcement, the stock surged by 147%, reaching an intraday high of 134% before closing with a pre-market increase of 91.1%. The company's strong performance not only boosted its stock but also positively impacted its competitor, Lemonade, which saw a rise of 28%. The results were particularly notable given the challenges the company faced with storm-related claims. In contrast, competitor Tree (TREE) reported a consolidated revenue of $260.8 million but faced a GAAP net loss of $58 million, highlighting the competitive landscape in the insurance sector.
$TREE Earnings: - Consolidated revenue of $260.8 million - GAAP net loss of $(58.0) million or $(4.34) per diluted share, including $(58.4) million of non-cash impairment of equity investments - Variable marketing margin of $77.2 million - Adjusted EBITDA of $26.9 million -… https://t.co/e6dEHFbz6o
After battling storm-related claims, ROOT Insurance $ROOT reported a stellar Q3, turning profitable and sending the stock up 147% today. The earnings were so strong, they even lifted competitor Lemonade ($LMND) by 28%. This is one of those rare days in the market where everything… https://t.co/ktF252RuZo
What's the next $ROOT $NRDS? $TREE me thinks They grew insurance segment revenue by +109% in Q2 They trade at a ~7x adj ebitda and that's while both personal and home lending segments were down ~30% YoY Earnings AH.
