10,000 Shares in Root, Inc. (NASDAQ:ROOT) Bought by Venator Management LLC

Venator Management LLC acquired a new stake in shares of Root, Inc. (NASDAQ:ROOT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 10,000 shares of the company’s stock, valued at approximately $516,000. Root comprises 0.2% of Venator Management LLC’s portfolio, making the stock its 25th largest holding. Venator Management LLC owned approximately 0.07% of Root as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in ROOT. Cannell Capital LLC boosted its stake in shares of Root by 144.0% during the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after purchasing an additional 423,120 shares during the period. Trexquant Investment LP grew its stake in shares of Root by 43.4% during the fourth quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock valued at $488,000 after buying an additional 14,096 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Root in the first quarter worth approximately $1,997,000. Bank of New York Mellon Corp purchased a new stake in shares of Root in the second quarter worth approximately $1,280,000. Finally, Jump Financial LLC bought a new stake in shares of Root during the 4th quarter worth approximately $234,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Stock Down 3.7 %

NASDAQ:ROOT opened at $39.44 on Thursday. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.43 and a quick ratio of 1.43. Root, Inc. has a 1-year low of $7.22 and a 1-year high of $86.57. The company has a 50-day moving average of $53.13 and a 200 day moving average of $54.94. The firm has a market cap of $591.60 million, a PE ratio of -5.08 and a beta of 2.54.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($1.74) by $1.22. The firm had revenue of $289.20 million during the quarter, compared to analysts’ expectations of $264.80 million. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The company’s revenue was up 286.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($2.55) EPS. As a group, research analysts anticipate that Root, Inc. will post -2.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ROOT. TD Cowen increased their target price on Root from $11.00 to $51.00 and gave the stock a “hold” rating in a research note on Wednesday, June 5th. UBS Group reduced their price target on shares of Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $82.00 price objective (down previously from $88.00) on shares of Root in a report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Root has a consensus rating of “Hold” and an average target price of $47.78.

Root Profile

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. It operates a direct-to-consumer model; and serves customers primarily through mobile applications, as well as through its website. The company's direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.