Root, Inc. (NASDAQ:ROOT) Major Shareholder Sells $4,320,304.02 in Stock

Root, Inc. (NASDAQ:ROOT - Get Free Report) major shareholder Meyer Malka sold 50,959 shares of Root stock in a transaction that occurred on 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 in the company, valued at approximately $8,647.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Root Stock Down 0.1 %

Shares of ROOT stock traded down $0.05 during mid-day trading on Monday, hitting $70.96. The company's stock had a trading volume of 1,246,777 shares, compared to its average volume of 537,359. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.43 and a current ratio of 1.43. Root, Inc. has a 52-week low of $7.22 and a 52-week high of $118.15. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -57.69 and a beta of 2.34. The business has a 50-day moving average price of $41.20 and a 200 day moving average price of $51.24.

Root (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 10.13%. The firm had revenue of $305.70 million for the quarter, compared to the consensus estimate of $272.77 million. During the same quarter last year, the firm posted ($3.16) EPS. The business's quarterly revenue was up 165.1% compared to the same quarter last year. Research analysts predict that Root, Inc. will post -2.13 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on ROOT. JMP Securities reaffirmed a "market outperform" rating and issued a $90.00 price target on shares of Root in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $82.00 target price (down from $88.00) on shares of Root in a research report on Friday, August 16th. Cantor Fitzgerald raised shares of Root to a "strong-buy" rating in a research note on Thursday, October 3rd. Jefferies Financial Group decreased their target price on shares of Root from $84.00 to $72.00 and set a "buy" rating for the company in a research note 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 research report on Friday. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.13.

Hedge Funds Weigh In On Root

Several hedge funds and other institutional investors have recently modified their holdings of the company. Algert Global LLC bought a new stake in shares of Root in the second quarter worth $288,000. Sequoia Financial Advisors LLC bought a new stake in shares of Root during the 1st quarter valued at about $293,000. Vanguard Personalized Indexing Management LLC increased its position in shares of Root by 76.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company's stock valued at $306,000 after purchasing an additional 2,576 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Root in the 3rd quarter worth approximately $412,000. Finally, Quantbot Technologies LP purchased a new position in shares of Root in the first quarter worth approximately $431,000. 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.

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