Rollins Financial Advisors LLC decreased its stake in Root, Inc. (NASDAQ:ROOT - Free Report) by 82.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,171 shares of the company's stock after selling 14,711 shares during the quarter. Rollins Financial Advisors LLC's holdings in Root were worth $230,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in ROOT. Russell Investments Group Ltd. raised its stake in Root by 651.8% during the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock worth $31,000 after purchasing an additional 365 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of Root in the third quarter valued at $33,000. KLP Kapitalforvaltning AS acquired a new position in shares of Root during the fourth quarter worth about $94,000. SBI Securities Co. Ltd. purchased a new stake in shares of Root during the 4th quarter worth $154,000. Finally, MetLife Investment Management LLC boosted its position in shares of Root by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company's stock worth $194,000 after acquiring an additional 2,889 shares in the last quarter. Institutional investors and hedge funds own 59.82% of the company's stock.
Wall Street Analysts Forecast Growth
ROOT has been the topic of several research analyst reports. UBS Group lifted their price target on Root from $67.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, March 7th. Wells Fargo & Company upped their price objective on Root from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Thursday. Jefferies Financial Group boosted their target price on Root from $115.00 to $150.00 and gave the company a "buy" rating in a report on Friday. Finally, Scotiabank reaffirmed a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. Six equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $102.67.
Read Our Latest Stock Report on ROOT
Insiders Place Their Bets
In other news, insider Mahtiyar Bonakdarpour sold 5,515 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total transaction of $688,161.70. Following the completion of the transaction, the insider now directly owns 286,901 shares of the company's stock, valued at $35,799,506.78. This trade represents a 1.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Doug Ulman sold 2,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the sale, the director now owns 6,201 shares in the company, valued at approximately $1,085,175. This trade represents a 24.39 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,659 shares of company stock worth $1,191,469. 11.71% of the stock is owned by corporate insiders.
Root Price Performance
Shares of Root stock traded up $1.29 during trading on Friday, reaching $120.00. The company's stock had a trading volume of 375,487 shares, compared to its average volume of 520,716. The business has a 50 day moving average price of $128.85 and a 200-day moving average price of $92.07. The company has a market capitalization of $1.82 billion, a P/E ratio of -97.56 and a beta of 2.41. 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 12-month low of $34.04 and a 12-month high of $181.14.
Root (NASDAQ:ROOT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of ($0.63) by $1.93. The business 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%. As a group, sell-side analysts anticipate that Root, Inc. will post -0.08 EPS for the current year.
About Root
(
Free Report)
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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