MML Investors Services LLC Makes New $288,000 Investment in Root, Inc. (NASDAQ:ROOT)

MML Investors Services LLC purchased a new position in shares of Root, Inc. (NASDAQ:ROOT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,617 shares of the company’s stock, valued at approximately $288,000. MML Investors Services LLC owned 0.05% of Root as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Hood River Capital Management LLC acquired a new position in Root during the second quarter worth approximately $9,547,000. Driehaus Capital Management LLC purchased a new stake in shares of Root during the 2nd quarter valued at $9,154,000. Bank of New York Mellon Corp acquired a new stake in shares of Root during the 2nd quarter worth $1,280,000. XTX Topco Ltd purchased a new position in shares of Root in the 3rd quarter worth $645,000. Finally, FMR LLC boosted its holdings in Root by 966.2% in the third quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after acquiring an additional 16,348 shares during the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Stock Performance

Shares of ROOT stock opened at $72.77 on Thursday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The company’s fifty day moving average price is $76.26 and its two-hundred day moving average price is $58.65. The firm has a market capitalization of $1.10 billion, a P/E ratio of -59.16 and a beta of 2.47. Root, Inc. has a 12 month low of $7.22 and a 12 month high of $118.15.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 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 firm had revenue of $305.70 million during the quarter, compared to the consensus estimate of $272.77 million. During the same quarter in the prior year, the business posted ($3.16) earnings per share. Root’s revenue for the quarter was up 165.1% on a year-over-year basis. On average, research analysts anticipate that Root, Inc. will post -1.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. JMP Securities cut Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Jefferies Financial Group cut their target price 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. UBS Group lifted their target price on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Finally, Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a report on Thursday, October 3rd. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $59.13.

Insider Transactions at Root

In other news, major shareholder Meyer Malka sold 75,839 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $81.21, for a total transaction of $6,158,885.19. Following the transaction, the insider now owns 43,107 shares of the company’s stock, valued at approximately $3,500,719.47. This trade represents a 63.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Julie Szudarek sold 2,000 shares of Root stock in a transaction dated 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 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 valued at $20,440,479. 11.71% of the stock is currently owned by corporate insiders.

About Root

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.