Root

The carrier made an operating loss of $94.3mn over the three-month period.

Although this period’s short-interest shift was muted, the next update will likely show greater movement as Q1 is digested.

In the absence of macro and micro catalysts the short interest changes in the broader industry were muted.

Taking Metromile public cost the firm an estimated 22% of gross proceeds, followed by Hippo at 11%.

On a forward basis, frequency estimates could look high with base figures in 2020 being significantly impacted by initial lockdown measures.

Short interest as a percent of float is a great indicator of current market sentiment.

Shareholders have until May 18 to apply to the court to be a lead plaintiff in the case.

The stock of peer InsurTech Metromile had also risen by 5.7% at the end of trading.

Surprisingly, beyond the InsurTech names, changes in short interest were somewhat muted for the broader P&C sector.

While the direct channel has strengthened over the past year, Root has not grown auto PIF since Q1:20.

Net earned premiums dropped almost 70% as the company increased its use of reinsurance.

The InsurTech defines a ‘seasoned’ state as one where its data science-driven cost model has been accepted by the regulator, and where the company has had two price price filings approved.