Bank of New York Mellon Corp Has $1.77 Million Stake in Root, Inc. (NASDAQ:ROOT)

Bank of New York Mellon Corp grew its position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 36.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,438 shares of the company's stock after buying an additional 6,465 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.16% of Root worth $1,774,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. XTX Topco Ltd bought a new stake in shares of Root in the 3rd quarter valued at approximately $645,000. FMR LLC grew its stake 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 during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Root during the third quarter worth approximately $539,000. Point72 Asset Management L.P. acquired a new stake in shares of Root during the third quarter worth approximately $428,000. Finally, Barclays PLC boosted its holdings in shares of Root by 361.6% in 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. 59.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ROOT. Scotiabank reaffirmed a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. UBS Group lifted their price target on Root from $67.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, March 7th. Finally, Wells Fargo & Company reissued a "buy" rating on shares of Root in a report on Sunday, March 2nd. 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's stock. According to data from MarketBeat, Root has an average rating of "Moderate Buy" and an average target price of $88.33.

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Insider Buying and Selling

In related news, Director Doug Ulman sold 2,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now owns 6,201 shares in the company, valued at approximately $1,085,175. The trade was a 24.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.71% of the stock is owned by insiders.

Root Trading Down 10.4 %

Root stock traded down $17.45 during trading hours on Wednesday, reaching $151.11. 1,221,320 shares of the company's stock traded hands, compared to its average volume of 510,252. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of -122.85 and a beta of 2.48. 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, Inc. has a fifty-two week low of $34.04 and a fifty-two week high of $181.14. The firm's 50 day moving average is $117.87 and its 200-day moving average is $83.66.

Root (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.63) by $1.93. The firm had revenue of $326.70 million for the quarter, compared to analysts' expectations of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. On average, analysts predict that Root, Inc. will post -0.08 earnings per share for the current 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.