Root (NASDAQ:ROOT) Shares Gap Down After Insider Selling

Root, Inc. (NASDAQ:ROOT)’s share price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $151.11, but opened at $146.29. Root shares last traded at $145.06, with a volume of 212,584 shares.

Specifically, Director Doug Ulman sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the director now directly owns 6,201 shares in the company, valued at approximately $1,085,175. The trade was a 24.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

ROOT has been the topic of a number of research reports. Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research note on Sunday, March 2nd. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Finally, UBS Group lifted their price target on Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.33.

Root Price Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The company has a fifty day moving average price of $120.39 and a two-hundred day moving average price of $84.58. The company has a market cap of $2.26 billion, a P/E ratio of -121.09 and a beta of 2.48.

Root (NASDAQ:ROOT) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The firm had revenue of $326.70 million for the quarter, compared to analyst estimates of $287.79 million. On average, sell-side analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Trading of Root

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its stake in shares of Root by 12.0% during the 4th quarter. California State Teachers Retirement System now owns 7,477 shares of the company’s stock worth $543,000 after purchasing an additional 801 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Root by 69.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,421 shares of the company’s stock worth $611,000 after buying an additional 3,459 shares during the last quarter. State of Wyoming raised its stake in Root by 21.6% in the fourth quarter. State of Wyoming now owns 4,162 shares of the company’s stock valued at $302,000 after buying an additional 740 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Root by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock valued at $357,000 after buying an additional 171 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in shares of Root in the fourth quarter valued at approximately $248,000. 59.82% of the stock is owned by institutional investors.

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.