Charles Schwab Investment Management Inc. Decreases Stock Position in Root, Inc. (NASDAQ:ROOT)

Charles Schwab Investment Management Inc. decreased its position in Root, Inc. (NASDAQ:ROOT) by 1.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,777 shares of the company’s stock after selling 299 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.17% of Root worth $974,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Versor Investments LP acquired a new stake in Root during the 3rd quarter valued at $216,000. Algert Global LLC purchased a new position in Root in the 2nd quarter valued at about $288,000. Vanguard Personalized Indexing Management LLC grew its stake in shares of Root by 76.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after acquiring an additional 2,576 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Root during the third quarter worth about $412,000. Finally, Alpha DNA Investment Management LLC increased its position in shares of Root by 5.5% during the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock worth $480,000 after acquiring an additional 486 shares during the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Insider Transactions at Root

In other news, major shareholder Meyer Malka sold 50,959 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $84.78, for a total transaction of $4,320,304.02. Following the completion of the transaction, the insider now directly owns 102 shares in the company, valued at approximately $8,647.56. The trade was a 99.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Julie Szudarek sold 2,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $96.33, for a total value of $192,660.00. Following the completion of the transaction, the director now directly owns 15,003 shares of the company’s stock, valued at $1,445,238.99. This trade represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 246,905 shares of company stock worth $20,440,479. Insiders own 11.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ROOT shares. JMP Securities lowered Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Citizens Jmp lowered shares of Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Jefferies Financial Group reduced their price objective on shares of Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Cantor Fitzgerald raised shares of Root to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Wells Fargo & Company upped their target price on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.13.

Root Stock Performance

Shares of NASDAQ ROOT opened at $77.91 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm’s 50-day moving average price is $72.63 and its two-hundred day moving average price is $57.76. Root, Inc. has a 52-week low of $7.22 and a 52-week high of $118.15. The stock has a market capitalization of $1.18 billion, a P/E ratio of -63.34 and a beta of 2.47.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The business had revenue of $305.70 million during the quarter, compared to analyst estimates of $272.77 million. During the same quarter in the previous year, the firm posted ($3.16) EPS. The business’s revenue for the quarter was up 165.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Root, Inc. will post -1.2 earnings per share for the current year.

Root Company 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.