Root (NASDAQ:ROOT) Shares Down 4.4% - Here's Why

Shares of Root, Inc. (NASDAQ:ROOT - Get Free Report) fell 4.4% during trading on Monday . The stock traded as low as $67.27 and last traded at $67.87. 94,575 shares changed hands during trading, a decline of 82% from the average session volume of 531,950 shares. The stock had previously closed at $71.01.

Analysts Set New Price Targets

Several research firms recently commented on ROOT. JMP Securities restated a "market outperform" rating and set a $90.00 price target on shares of Root in a research report on Tuesday, October 15th. Wells Fargo & Company lifted their target price on shares of Root from $64.00 to $78.00 and gave the stock an "equal weight" rating in a research note on Friday. Jefferies Financial Group reduced their target price on shares of Root from $84.00 to $72.00 and set a "buy" rating on the stock in a research note on Wednesday, October 9th. UBS Group lifted their price target on shares of Root from $61.00 to $67.00 and gave the company a "neutral" rating in a research report on Monday. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and issued a $82.00 price objective (down previously from $88.00) on shares of Root in a report on Friday, August 16th. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $58.13.

Root Stock Down 0.1 %

The firm has a market cap of $1.06 billion, a PE ratio of -57.69 and a beta of 2.34. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.43 and a current ratio of 1.43. The firm's 50-day moving average price is $41.20 and its two-hundred day moving average price is $51.24.

Root (NASDAQ:ROOT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $305.70 million during the quarter, compared to the consensus estimate of $272.77 million. Root had a negative net margin of 1.56% and a negative return on equity of 10.13%. The company's revenue was up 165.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($3.16) EPS. As a group, equities research analysts expect that Root, Inc. will post -2.13 EPS for the current fiscal year.

Insider Transactions at Root

In related news, major shareholder Meyer Malka sold 50,959 shares of the company's stock in a transaction 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 completion of the sale, the insider now owns 102 shares in the company, valued at $8,647.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.71% of the company's stock.

Hedge Funds Weigh In On Root

Several institutional investors have recently bought and sold shares of the company. Alpha DNA Investment Management LLC grew its stake in shares of Root by 5.5% during the 2nd 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 during the period. Vanguard Personalized Indexing Management LLC grew its stake 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 worth $306,000 after purchasing an additional 2,576 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Root during the 1st quarter worth $293,000. Algert Global LLC acquired a new position in shares of Root during the 2nd quarter worth $288,000. Finally, Quantbot Technologies LP acquired a new position in shares of Root during the 1st quarter worth $431,000. 59.82% of the stock is owned by institutional investors and hedge funds.

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.