Fmr LLC Boosts Stock Position in Root, Inc. (NASDAQ:ROOT)

Fmr LLC raised its position in Root, Inc. (NASDAQ:ROOT) by 966.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,040 shares of the company’s stock after purchasing an additional 16,348 shares during the quarter. Fmr LLC owned about 0.12% of Root worth $682,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ROOT. Alpha DNA Investment Management LLC lifted 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 purchasing an additional 486 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Root by 76.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after buying an additional 2,576 shares during the last quarter. Algert Global LLC purchased a new position in Root during the 2nd quarter worth $288,000. Versor Investments LP acquired a new position in Root in the 3rd quarter valued at about $216,000. Finally, Quantbot Technologies LP raised its stake in shares of Root by 120.0% during the third quarter. Quantbot Technologies LP now owns 14,836 shares of the company’s stock worth $561,000 after purchasing an additional 8,092 shares during the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ROOT. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $90.00 target price (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. UBS Group raised their price objective on shares of Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. JMP Securities lowered Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Jefferies Financial Group lowered their target price on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, Wells Fargo & Company boosted their price target on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $59.13.

Insider Transactions at Root

In related news, Director Julie Szudarek sold 2,000 shares of the stock in a transaction 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 transaction, the director now directly owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Meyer Malka sold 50,959 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $84.78, for a total value of $4,320,304.02. Following the sale, the insider now directly owns 102 shares of the company’s stock, valued at approximately $8,647.56. This trade represents a 99.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 246,905 shares of company stock worth $20,440,479 in the last three months. Company insiders own 11.71% of the company’s stock.

Root Trading Up 2.0 %

Shares of ROOT opened at $77.91 on Wednesday. Root, Inc. has a fifty-two week low of $7.22 and a fifty-two week high of $118.15. The stock has a fifty day moving average of $72.63 and a two-hundred day moving average of $57.76. 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 market capitalization of $1.18 billion, a PE ratio of -63.34 and a beta of 2.47.

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

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.