Renaissance Technologies LLC Boosts Stake in Root, Inc. (NASDAQ:ROOT)

Renaissance Technologies LLC increased its stake in Root, Inc. (NASDAQ:ROOT - Free Report) by 41.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 263,515 shares of the company's stock after buying an additional 77,699 shares during the period. Renaissance Technologies LLC owned 1.75% of Root worth $19,129,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ROOT. Russell Investments Group Ltd. lifted its stake in Root by 651.8% in the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock worth $31,000 after acquiring an additional 365 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Root during the 4th quarter valued at $94,000. SBI Securities Co. Ltd. bought a new position in shares of Root in the 4th quarter worth $154,000. FreeGulliver LLC bought a new stake in Root during the fourth quarter valued at about $203,000. Finally, Wesbanco Bank Inc. bought a new position in Root in the fourth quarter worth about $218,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

Root Trading Up 1.3 %

Shares of ROOT traded up $1.62 during trading on Friday, reaching $129.74. 324,719 shares of the company traded hands, compared to its average volume of 520,597. The stock has a 50-day simple moving average of $130.15 and a 200-day simple moving average of $94.16. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14. The stock has a market cap of $1.97 billion, a PE ratio of -105.48 and a beta of 2.41.

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

Insider Buying and Selling

In related news, insider Mahtiyar Bonakdarpour sold 5,515 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the completion of the sale, the insider now directly owns 286,901 shares of the company's stock, valued at $35,799,506.78. The trade was a 1.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alexander E. Timm sold 1,144 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $134.01, for a total value of $153,307.44. Following the completion of the sale, the chief executive officer now directly owns 161,625 shares of the company's stock, valued at $21,659,366.25. The trade was a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,659 shares of company stock worth $1,191,469. Corporate insiders own 11.71% of the company's stock.

Wall Street Analyst Weigh In

ROOT has been the topic of a number of recent analyst reports. UBS Group upped their price target on shares of Root from $67.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, March 7th. Wells Fargo & Company lifted their price objective on Root from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Thursday, April 10th. Scotiabank reaffirmed a "sector perform" rating on shares of Root in a research note on Sunday, March 2nd. Finally, Jefferies Financial Group upped their target price on shares of Root from $115.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $102.67.

Root 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.