Root, Inc. (NASDAQ:ROOT) Shares Acquired by Nordea Investment Management AB

Nordea Investment Management AB lifted its stake in shares of Root, Inc. (NASDAQ:ROOT) by 7.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,697 shares of the company’s stock after acquiring an additional 1,416 shares during the quarter. Nordea Investment Management AB owned about 0.14% of Root worth $1,497,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp grew its position in Root by 0.3% in the third quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after buying an additional 444 shares during the last quarter. Alpha DNA Investment Management LLC grew its position in Root by 5.5% in the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock worth $480,000 after buying an additional 486 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Root in the third quarter worth approximately $33,000. Verition Fund Management LLC grew its position in Root by 15.2% in the third quarter. Verition Fund Management LLC now owns 9,788 shares of the company’s stock worth $370,000 after buying an additional 1,288 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in Root by 76.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after buying an additional 2,576 shares during the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity at Root

In related news, major shareholder Meyer Malka sold 118,107 shares of Root stock in a transaction on Monday, November 11th. The shares were sold at an average price of $82.71, for a total value of $9,768,629.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Julie Szudarek sold 2,000 shares of Root stock in a transaction on Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the completion of the sale, the director now directly owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. The trade was a 11.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 246,905 shares of company stock valued at $20,440,479. Insiders own 11.71% of the company’s stock.

Root Trading Down 0.3 %

Shares of NASDAQ:ROOT opened at $77.17 on Monday. The firm has a fifty day moving average of $83.62 and a two-hundred day moving average of $61.31. The firm has a market capitalization of $1.17 billion, a P/E ratio of -62.74 and a beta of 2.55. Root, Inc. has a 12-month low of $7.22 and a 12-month high of $118.15. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65.

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 the consensus estimate of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. 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 business earned ($3.16) EPS. Root’s quarterly revenue was up 165.1% compared to the same quarter last year. On average, equities analysts expect that Root, Inc. will post -1.2 EPS for the current fiscal year.

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.