MILE - Root Lemonade auto insurance stocks drive up after Allstate discusses price hikes

Auto insurers stocks are gaining after Allstate's (ALL +3.3%) said its recent auto insurance rate increases translate to an annualized impact of $1.2B in gross written premiums. Insurtech names Root (NASDAQ:ROOT +19.6%) and Lemonade (NYSE:LMND +16.7%), which is buying Metromile (MILE +16.8%), are rising the most of the group. Also in its favor, Root (ROOT) disclosed that Daniel Rosenthal, its chief operating officer, chief revenue officer, and chief financial officer, acquired 100K shares at an average price of $1.5181 on March 14. While not as big of a jump, Progressive (PGR) climbed 3.5% in midafternoon trading on Wednesday. While Lemonade (LMND), Root (ROOT), and Metromile (MILE) stocks are surging today, the SA Quant rating flags all three stocks for danger of performing poorly as seen in this sample portfolio.

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Root, Lemonade, auto insurance stocks drive up after Allstate discusses price hikes