Point72 Asset Management L.P. Makes New Investment in Root, Inc. (NASDAQ:ROOT)

Point72 Asset Management L.P. acquired a new position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 11,324 shares of the company's stock, valued at approximately $428,000. Point72 Asset Management L.P. owned approximately 0.07% of Root as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. MetLife Investment Management LLC grew its stake in Root by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company's stock valued at $194,000 after acquiring an additional 2,889 shares in the last quarter. Algert Global LLC purchased a new position in Root during the second quarter valued at approximately $288,000. Versor Investments LP acquired a new position in Root in the 3rd quarter valued at approximately $216,000. Vanguard Personalized Indexing Management LLC lifted its position in Root by 76.8% in the 2nd 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Root in the 1st quarter worth approximately $434,000. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Root Trading Up 0.0 %

Shares of Root stock traded up $0.03 during trading hours on Friday, hitting $76.29. The company's stock had a trading volume of 315,969 shares, compared to its average volume of 545,077. Root, Inc. has a 12 month low of $7.22 and a 12 month high of $118.15. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The company has a market capitalization of $1.15 billion, a PE ratio of -62.02 and a beta of 2.47. The stock has a 50 day moving average of $71.05 and a 200 day moving average of $57.35.

Root (NASDAQ:ROOT - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, topping 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 9.81%. The firm had revenue of $305.70 million during the quarter, compared to analyst estimates of $272.77 million. During the same period in the prior year, the business earned ($3.16) EPS. The company's revenue for the quarter was up 165.1% compared to the same quarter last year. Analysts predict that Root, Inc. will post -1.2 earnings per share for the current year.

Insider Transactions at Root

In related news, Director Julie Szudarek sold 2,000 shares of the firm's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now directly owns 15,003 shares of the company's stock, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Meyer Malka sold 75,839 shares of Root stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $81.21, for a total transaction of $6,158,885.19. Following the completion of the sale, the insider now owns 43,107 shares of the company's stock, valued at approximately $3,500,719.47. The trade was a 63.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 246,905 shares of company stock worth $20,440,479 in the last ninety days. Insiders own 11.71% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on ROOT shares. Jefferies Financial Group dropped their price target 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. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $90.00 target price (up from $82.00) on shares of Root in a research report on Tuesday, November 5th. Cantor Fitzgerald raised Root to a "strong-buy" rating in a research report on Thursday, October 3rd. JMP Securities lowered Root from an "outperform" rating to a "market perform" rating in a report on Friday, November 22nd. Finally, Wells Fargo & Company raised their price objective on Root from $64.00 to $78.00 and gave the company an "equal weight" rating in a research note on Friday, November 1st. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Root currently has an average rating of "Hold" and a consensus target price of $59.13.

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.