Connor Clark & Lunn Investment Management Ltd. cut its position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 30.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,606 shares of the company's stock after selling 21,748 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.32% of Root worth $1,836,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Alpha DNA Investment Management LLC boosted its position in Root by 5.5% in the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company's stock valued at $480,000 after buying an additional 486 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position 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 last quarter. Algert Global LLC bought a new stake in Root in the 2nd quarter valued at $288,000. Versor Investments LP bought a new stake in Root in the 3rd quarter valued at $216,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Root during the 1st quarter valued at $434,000. Institutional investors own 59.82% of the company's stock.
Root Stock Down 6.1 %
NASDAQ ROOT traded down $6.58 during trading on Tuesday, reaching $101.86. 319,765 shares of the company's stock were exchanged, compared to its average volume of 553,594. Root, Inc. has a 1 year low of $7.22 and a 1 year high of $118.15. The stock has a market cap of $1.54 billion, a P/E ratio of -82.81 and a beta of 2.34. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The company has a 50 day moving average price of $56.30 and a two-hundred day moving average price of $54.26.
Root (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, beating analysts' consensus estimates of ($0.61) by $1.96. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company had revenue of $305.70 million for the quarter, compared to analyst estimates of $272.77 million. During the same quarter in the previous year, the company earned ($3.16) EPS. The firm's revenue for the quarter was up 165.1% compared to the same quarter last year. On average, equities research analysts anticipate that Root, Inc. will post -1.2 EPS for the current fiscal year.
Wall Street Analyst Weigh In
ROOT has been the topic of several analyst reports. Cantor Fitzgerald raised shares of Root to a "strong-buy" rating in a research note on Thursday, October 3rd. Citizens Jmp cut shares of Root from a "strong-buy" rating to a "hold" rating in a report on Friday. Keefe, Bruyette & Woods reiterated 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. UBS Group increased their target price on shares of Root from $61.00 to $67.00 and gave the company a "neutral" rating in a report on Monday, November 4th. Finally, Wells Fargo & Company upped their price target on Root from $64.00 to $78.00 and gave the company an "equal weight" rating in a research report on Friday, November 1st. Six investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Root currently has an average rating of "Hold" and an average price target of $59.13.
Read Our Latest Stock Report on Root
Insiders Place Their Bets
In related news, Director Julie Szudarek sold 2,000 shares of Root stock in a transaction on Monday, November 18th. The stock was sold at an average price of $96.33, for a total value of $192,660.00. Following the transaction, the director now directly owns 15,003 shares in the company, valued at $1,445,238.99. The trade was a 11.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Meyer Malka sold 118,107 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $82.71, for a total transaction of $9,768,629.97. The disclosure for this sale can be found here. Insiders have sold a total of 246,905 shares of company stock worth $20,440,479 over the last quarter. 11.71% of the stock is owned by corporate insiders.
Root Profile
(
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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