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- 1 Root Inc (NASDAQ: ROOT) stock lost more than $2.20 of its trading price on June 30.
- 2 Root Inc. has rejected a buyout deal from Embedded Insurance Inc.
Root Inc (NASDAQ: ROOT) stock lost 20.25% of its trading price on the June 30 trading session. It opened trading at $8.50, dipped to $8.42, hit a high of $9.98, and closed trading at $8.94, with an intraday trading volume of 1.004 million.
In Friday’s trading session, ROOT stock reflected a majority of buyers in the market, compared to sellers. Since the past week, stock prices have declined by over 29%. However, ROOT stock prices mirror an upper movement of 85.48%.
The technical indicators and analyst rating of TradingView show neutrality over the stock. In 52 weeks, the lowest trading price of ROOT stock was $3.31, and it traded highest at $26.10, with an average volume of 1.835 million.
Root Inc’s market capitalization is $128.202 million. It was assumed that in the financial year 2023, ROOT stock might beat the estimated price target of $6.77. It is notable that current trading prices are higher than the estimated target.
More than 9.073 million ROOT shares are free-floating, and the remaining 5.267 million shares are closely held by the company’s financial backers, the board of members, or both.
The income of Root Inc is gathered by Direct-to-Consumer Insurance Products and the company majorly leads its operations in the United States.
Root, Inc (NASDAQ: ROOT) Earnings & Revenue
In Q1 2023, Root, Inc reported 4.34% more revenue than the estimated figures. As per the estimation, the company was expected to report a revenue of $129.10 million, but the actual reported revenue was $134.70 million. From the reported revenue of company, net income was -$40.90 million, and the profit margin was -58.35%.
In Q4 2022, Root, Inc’s reported revenue declined more than 9.20% compared to the estimated figures. Earning Per Share (EPS) of the company reflected an upper movement of 20.03% in Q1 2023.
As per available data, the company’s total assets in the short-term are $902.10 million, and its liabilities are $286.90 million. Moreover, in the long-term, Root, Inc’s assets are $187.80 million, and its liabilities are $431.90 Million.
According to Crunchbase, Root Insurance raised $827.5 million in funding in six funding rounds. BlackRock Inc (LON:0QZZ), DST Global, Scale Venture, Redpoint, Ribbit Capital, Coatue, Drive Capital, and Tiger Global Management are majorly funded by the company.
Root, Inc also participated in the funding rounds of Empora Title and has invested millions to back the company financially.
Root, Inc has rejected a buyout deal from Embedded Insurance Inc., and has filed a lawsuit against the company, despite the fact that the offer was one of the highest priced premiums in the North American property and liability industry over the last decade.
According to The Wall Street Journal, the offer is $19.34 per share, for around $180 million based on the number of outstanding shares of its class A common stock. However, this is only a fraction of the insurance technology company’s peak market valuation of $6.69 billion shortly after its IPO in 2020.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
