After a week of the buzz of a takeover bid, car insurance company, Root (NASDAQ: ROOT) tanked in morning trading on Friday as the company issued a statement that stated that, “at this time Root is not in receipt of any proposal that is either actionable or in the best interests of Root’s shareholders.”
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Over the past month, ROOT has soared by more than 80% after a Wall Street Journal report that the company got a takeover bid from Embedded Insurance, a closely-held insurance company itself.
Overall, analysts are sidelined about ROOT stock with a Hold consensus rating based on one Buy, four Holds, and one Sell.
