Root Insurance (NASDAQ:ROOT) is on the move Wednesday with shares of the company’s stock rising higher.
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Let’s take a look at Root Insurance and why the stock is on the rise today below.
- Root Insurance is an insurance company that uses data and artificial intelligence (AI) to determine rates for its customers.
- The company launched in 2015 with its first offering being car insurance.
- It then expanded its services in 2019 to include renters insurance.
- Root Insurance’s headquarters is located in Columbus, Ohio.
- ROOT is still an incredibly new stock on the public market.
- It went public in late 2020 through an initial public offering (IPO).
- The company continues to expand its offers to new areas in the U.S. with Wisconsin as its most recent state added to its services.
- Now that we know what ROOT is all about, let’s get into why the stock is heading higher today.
- It’s not anything that Root Insurance has announced that has its shares seeing gains today.
- Instead, it looks like the stock is soaring due to Reddit picking it out as one of its next meme stocks.
- That’s evidenced by the fact that ROOT is one of the most talked-about stocks on WallStreetBets today.
- As a result, ROOT stock is seeing heavy trading today.
- This has some 15 million shares of the stock changing hands as of this writing.
- That’s a major jump compared to its daily average trading volume of 3.8 million shares.
ROOT stock was up 21.9% as of Wednesday morning but is still down 14.1% since the start of the year.
Root Insurance is far from the only company to get caught up in the meme stock craze of late.
InvestorPlace has extensive coverage of the various meme stocks that Reddit has taken a liking to. That includes what’s going on with ContextLogic (NASDAQ:WISH), Wendy’s (NASDAQ:WEN), Clean Energy Fuels (NASDAQ:CLNE), and GEO Group (NYSE:GEO) today. You can learn all about that at the links below!
More Meme Stocks News for Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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