Car insurance company Root Inc (NASDAQ: ROOT) posted positive Q3 results after the Wednesday market close – earning investors a solid 25% premium when the markets opened on Thursday. Like always, it’s been a mixed bag of earnings this year, and despite Root Inc posting a quarterly loss, the company has demonstrated clear annual growth through smashing revenue predictions.
The company unveiled a Q3 loss of $0.53 per share versus an estimate of $0.70 – a substantial improvement from a loss of $2.20 per share last year. This isn’t a first for the company, in fact, Root has surpassed the general EPS predictions three times – highlighting growth and increasing value for stakeholders.
Similarly, Root also posted impressive revenue – posting a Q3 total of $93.8M which not only beat last year’s revenue of $50.5M, but also beat analyst estimates by 39.17%, making it the fourth time Root has beaten consensus revenue estimates.
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Despite numerous positive quarterly earnings, ROOT stock has been stuck in a bearish trend since February this year, with a year-to-date loss of 63.2%. This quarter’s earnings may offer some short-term respite, but it could take a lot to regain buyer momentum. ROOT is trading at $5.78, pushing towards the minor $6 resistance, with a daily gain of 24%.
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