Root (NASDAQ:ROOT) Shares Gap Down After Insider Selling

Root, Inc. (NASDAQ:ROOT - Get Free Report)'s share price gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $151.11, but opened at $146.29. Root shares last traded at $145.06, with a volume of 212,584 shares traded.

Specifically, Director Doug Ulman sold 2,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 6,201 shares of the company's stock, valued at approximately $1,085,175. This represents a 24.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ROOT. Wells Fargo & Company reiterated a "buy" rating on shares of Root in a research report on Sunday, March 2nd. Scotiabank reiterated a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. Finally, UBS Group raised their price objective on Root from $67.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, March 7th. Five investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Root has a consensus rating of "Moderate Buy" and an average target price of $88.33.

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Root Price Performance

The stock has a market cap of $2.06 billion, a P/E ratio of -109.25 and a beta of 2.48. The company's 50 day moving average price is $121.42 and its 200-day moving average price 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 posted 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. The business had revenue of $326.70 million during the quarter, compared to the consensus estimate of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. As a group, sell-side analysts expect that Root, Inc. will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On Root

A number of hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP increased its position 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 period. FMR LLC boosted its position in shares of 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 in the last quarter. 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 valued at $194,000 after purchasing an additional 2,889 shares in the last quarter. Verition Fund Management LLC lifted its stake in 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 buying an additional 1,288 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in Root in the third quarter valued at approximately $428,000. 59.82% of the stock is currently owned by institutional investors.

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.