Shares of Root, Inc. (ROOT), the parent company of Root Insurance Company, are surging more than 40 percent Thursday morning after reporting improved quarterly results.
In the fourth quarter, net loss narrowed 59% year-over-year to $24 million or $1.64 per share from $58.3 million or $4.13 per share loss in the same quarter a year ago.
Analysts on average, polled by Thomson-Reuters were expecting for a loss of $2.79 per share.
Revenue for the quarter jumped to $194.8 million from $71.3 million last year. Gross premiums earned increased 50 percent year-on-year to $214 million.
ROOT is at $12.52 currently. It has traded in the range of $3.31 - $14.80 in the last 52 weeks.
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