Insider Selling: Root, Inc. (NASDAQ:ROOT) Director Sells 2,000 Shares of Stock

Root, Inc. (NASDAQ:ROOT - Get Free Report) Director Doug Ulman sold 2,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $175.00, for a total transaction of $350,000.00. Following the sale, the director now owns 6,201 shares in the company, valued at approximately $1,085,175. The trade was a 24.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Root Stock Down 8.1 %

Shares of NASDAQ:ROOT traded down $12.01 during midday trading on Friday, hitting $136.93. The stock had a trading volume of 621,722 shares, compared to its average volume of 517,155. The company has a market cap of $2.08 billion, a P/E ratio of -111.33 and a beta of 2.48. Root, Inc. has a 12 month low of $34.04 and a 12 month high of $181.14. The business's 50-day simple moving average is $121.42 and its 200-day simple moving average is $85.96. 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 (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, beating analysts' consensus estimates of ($0.63) by $1.93. The company had revenue of $326.70 million during the quarter, compared to the consensus estimate of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. On average, sell-side analysts forecast that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

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Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ROOT shares. Scotiabank restated a "sector perform" rating on shares of Root in a research note on Sunday, March 2nd. UBS Group lifted their price objective on shares of Root from $67.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, March 7th. Finally, Wells Fargo & Company restated a "buy" rating on shares of Root in a report on Sunday, March 2nd. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $88.33.

Hedge Funds Weigh In On Root

A number of institutional investors have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd bought a new position in shares of Root during the 3rd quarter worth approximately $539,000. Quantbot Technologies LP lifted its holdings in Root by 120.0% during the 3rd quarter. Quantbot Technologies LP now owns 14,836 shares of the company's stock valued at $561,000 after purchasing an additional 8,092 shares during the last quarter. FMR LLC lifted its holdings in Root by 966.2% during the 3rd quarter. FMR LLC now owns 18,040 shares of the company's stock valued at $682,000 after purchasing an additional 16,348 shares during the last quarter. MetLife Investment Management LLC boosted its position in Root by 129.1% during the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company's stock worth $194,000 after purchasing an additional 2,889 shares during the period. Finally, Verition Fund Management LLC increased its holdings in shares of Root by 15.2% in the third quarter. Verition Fund Management LLC now owns 9,788 shares of the company's stock valued at $370,000 after purchasing an additional 1,288 shares during the last quarter. Institutional investors and hedge funds own 59.82% of the company's stock.

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.