Root Inc. [NASDAQ: ROOT] slipped around -0.28 points on Monday, while shares priced at $23.69 at the close of the session, down -1.17%. The company report on October 28, 2020 that Root, Inc. Announces Pricing of Initial Public Offering.
Root, Inc., the parent company of Root Insurance Company, today announced the pricing of its initial public offering of 26,830,845 shares of its Class A common stock at a price to the public of $27.00 per share. Of the offered shares, 24,249,330 shares of Class A common stock are being offered by Root and 2,581,515 shares of Class A common stock are being offered by certain of Root’s existing stockholders. The underwriters have a 30-day option to buy an additional 4,024,626 shares of Class A common stock from Root at the initial public offering price, less underwriting discounts and commissions. Root will not receive any proceeds from the sale of the shares by the selling shareholders.
Root’s common stock is expected to begin trading on the Nasdaq Global Select Market on October 28, 2020, under the ticker symbol ROOT. The offering is expected to close on October 30, 2020 subject to customary closing conditions.
Compared to the average trading volume of 8.75M shares, ROOT reached a trading volume of 3131322 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Root Inc. [ROOT]?
The Average True Range (ATR) for Root Inc. is set at 3.36, with the Price to Sales ratio for ROOT stock in the period of the last 12 months amounting to 2.49.