This Fintech Is Down 79% Since Its IPO: Is It a Buy?
Root (NASDAQ: ROOT) is a young company looking to revolutionize auto insurance by eliminating the use of credit scores in pricing insurance policies through the use of behavioral-based data.
However, the insurer has had a tough go of it since going public in October 2020, with its stock down 79%. The most recent quarter didn't do the company any favors, when its revenue took a hit and its net loss for the quarter was four times larger than the same quarter last year.
The young insure...