Root (NASDAQ:ROOT) Shares Down 3.7%

Root, Inc. (NASDAQ:ROOT) shares traded down 3.7% on Monday . The company traded as low as $74.18 and last traded at $74.18. 48,696 shares were traded during trading, a decline of 91% from the average session volume of 561,695 shares. The stock had previously closed at $77.03.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ROOT. JMP Securities upped their target price on shares of Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 1st. Keefe, Bruyette & Woods restated an “outperform” rating and set a $80.00 price objective (up from $70.00) on shares of Root in a report on Tuesday, May 7th. Wells Fargo & Company lifted their target price on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 1st. Finally, TD Cowen increased their price target on Root from $11.00 to $51.00 and gave the stock a “hold” rating in a research report on Wednesday, June 5th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $41.89.

Root Price Performance

The firm has a market capitalization of $1.04 billion, a PE ratio of -9.01 and a beta of 2.57. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a fifty day moving average price of $56.65 and a 200-day moving average price of $44.91.

Root (NASDAQ:ROOT) last posted its earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.51) by $2.09. The company had revenue of $254.90 million for the quarter, compared to analyst estimates of $203.99 million. Root had a negative return on equity of 62.36% and a negative net margin of 17.61%. The firm’s quarterly revenue was up 263.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($2.88) earnings per share. Sell-side analysts forecast that Root, Inc. will post -4.03 EPS for the current fiscal year.

Insider Buying and Selling

In other Root news, major shareholder Meyer Malka sold 13,300 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $60.58, for a total value of $805,714.00. Following the completion of the sale, the insider now directly owns 43,107 shares in the company, valued at $2,611,422.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Beth A. Birnbaum sold 1,735 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $43.67, for a total transaction of $75,767.45. Following the sale, the director now owns 16,013 shares in the company, valued at $699,287.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Meyer Malka sold 13,300 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $60.58, for a total transaction of $805,714.00. Following the transaction, the insider now owns 43,107 shares in the company, valued at approximately $2,611,422.06. The disclosure for this sale can be found here. 11.71% of the stock is currently owned by company insiders.

Institutional Trading of Root

Large investors have recently bought and sold shares of the stock. Cannell Capital LLC lifted its stake in shares of Root by 144.0% during the fourth quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after buying an additional 423,120 shares during the period. Trexquant Investment LP lifted its position in Root by 43.4% during the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock worth $488,000 after acquiring an additional 14,096 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in Root by 37.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock valued at $360,000 after purchasing an additional 9,390 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of Root in the first quarter valued at about $1,997,000. Finally, Jump Financial LLC acquired a new position in shares of Root in the fourth quarter valued at about $234,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.