Y Intercept Hong Kong Ltd Makes New Investment in Root, Inc. (NASDAQ:ROOT)

Y Intercept Hong Kong Ltd purchased a new stake in Root, Inc. (NASDAQ:ROOT) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,517 shares of the company’s stock, valued at approximately $255,000.

Several other hedge funds also recently made changes to their positions in the business. FMR LLC boosted its holdings in Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock worth $682,000 after buying an additional 16,348 shares in the last quarter. Barclays PLC boosted its stake in shares of Root by 361.6% during the 3rd quarter. Barclays PLC now owns 14,033 shares of the company’s stock worth $529,000 after acquiring an additional 10,993 shares in the last quarter. Versor Investments LP bought a new stake in shares of Root during the 3rd quarter worth $216,000. Nordea Investment Management AB grew its holdings in shares of Root by 7.3% in the 4th quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock worth $1,497,000 after acquiring an additional 1,416 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Root during the third quarter worth $428,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. JMP Securities downgraded shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Citizens Jmp downgraded Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $90.00 target price (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. Wells Fargo & Company reissued a “buy” rating on shares of Root in a research report on Sunday. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday. 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.83.

Root Trading Up 3.7 %

NASDAQ:ROOT opened at $132.35 on Wednesday. The stock’s 50 day moving average price is $96.49 and its 200 day moving average price is $72.70. Root, Inc. has a 52 week low of $34.04 and a 52 week high of $142.72. The company has a market capitalization of $2.00 billion, a P/E ratio of -107.60 and a beta of 2.58. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $326.70 million for the quarter, compared to analyst estimates of $287.79 million. On average, research analysts forecast that Root, Inc. will post -0.08 EPS for the current fiscal 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.