JMIA - Auto insurer Root gains after Citron Research pitches as a long sees upside to $70/share

Auto insurer Root Inc. (ROOT) jumped 12% after Citron Research's Andrew Left yesterday afternoon pitched the auto insurance company as a long on a Twitter live feed and in a new report.He said Root shares could climb to $70/share. Left said Root is probably the most short heavily stocked on the Nasdaq with a market cap over a $1b. He highlighted that Root's investors include PE firm Silver Lake and investors/hedge funds such as Dragoneer, Coatue, Tiger Global, Whale Rock and DST Global."You probably have the greatest list of tech investors I've ever seen in one company in the most highly shorted stock on the stock exchange that's trying to do good," Left said. "It makes no sense whatsoever."He added "I do not understand why anyone would be short a stock like Root, knowing the size of the TAM, knowing who the shareholders are, knowing they don't need money for two years. Could they fail?

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Auto insurer Root gains after Citron Research pitches as a long, sees upside to $70/share