Root, Inc. (NASDAQ: ROOT), a tech-driven insurance company, saw its stock soar 13.46% in the after-hours trading session on Wednesday, following the release of its fourth-quarter and full-year 2024 results.
The company reported strong financial performance, benefiting from its successful refinancing of its $300 million term loan facility with BlackRock last year. This move reduced its principal to $200 million and lowered interest rates by 300 basis points, resulting in a 50% reduction in interest expenses on a run-rate basis.
Additionally, Root, Inc. expanded its auto insurance services to Minnesota in January 2025, increasing its coverage to over 77% of the U.S. population. This expansion, combined with broader market momentum, contributed to the stock's upward movement.
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