Root, Inc. (NASDAQ:ROOT) Position Reduced by Schusterman Interests LLC

Schusterman Interests LLC lessened its stake in shares of Root, Inc. (NASDAQ:ROOT) by 96.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,844 shares of the company’s stock after selling 235,387 shares during the quarter. Root comprises 0.5% of Schusterman Interests LLC’s portfolio, making the stock its 8th largest holding. Schusterman Interests LLC owned approximately 0.05% of Root worth $405,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jump Financial LLC bought a new stake in shares of Root in the fourth quarter worth about $234,000. Trexquant Investment LP raised its stake in Root by 43.4% during the 4th 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. Cannell Capital LLC increased its position in Root by 144.0% during the fourth quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock valued at $7,515,000 after acquiring an additional 423,120 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Root during the first quarter valued at approximately $293,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Root during the first quarter valued at $1,171,000. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Root Stock Performance

Shares of Root stock opened at $37.99 on Tuesday. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market capitalization of $566.05 million, a price-to-earnings ratio of -4.89 and a beta of 2.54. The business has a 50-day moving average of $50.86 and a 200 day moving average of $54.86. Root, Inc. has a 12 month low of $7.22 and a 12 month high of $86.57.

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

Analyst Upgrades and Downgrades

ROOT has been the topic of several recent analyst reports. UBS Group reduced their price objective on shares of Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $82.00 price target (down from $88.00) on shares of Root in a research note on Friday, August 16th. Finally, TD Cowen lifted their price objective on shares of Root from $11.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

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.