Quinn Opportunity Partners LLC Purchases Shares of 40,000 Root, Inc. $ROOT

Quinn Opportunity Partners LLC purchased a new stake in Root, Inc. (NASDAQ:ROOT) during the third quarter, HoldingsChannel.com reports. The fund purchased 40,000 shares of the company’s stock, valued at approximately $3,580,000.

Other institutional investors and hedge funds have also modified their holdings of the company. State of Alaska Department of Revenue bought a new stake in shares of Root during the 3rd quarter worth $50,000. Russell Investments Group Ltd. raised its holdings in Root by 511.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock worth $94,000 after acquiring an additional 614 shares during the period. Ameritas Investment Partners Inc. lifted its position in Root by 28.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,087 shares of the company’s stock worth $139,000 after acquiring an additional 241 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Root by 237.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock worth $164,000 after acquiring an additional 899 shares during the last quarter. Finally, State of Wyoming boosted its holdings in Root by 41.9% during the third quarter. State of Wyoming now owns 2,359 shares of the company’s stock valued at $211,000 after acquiring an additional 696 shares during the period. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Root Price Performance

NASDAQ:ROOT opened at $43.76 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.70. The firm has a market cap of $680.91 million, a PE ratio of 18.86 and a beta of 2.84. Root, Inc. has a 12 month low of $42.65 and a 12 month high of $181.14. The company’s 50-day moving average price is $61.43 and its two-hundred day moving average price is $75.93.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.28. Root had a net margin of 2.58% and a return on equity of 15.34%. The company had revenue of $397.00 million during the quarter, compared to analyst estimates of $381.57 million. During the same quarter last year, the business posted $1.30 earnings per share. The company’s revenue was up 21.5% on a year-over-year basis. On average, equities analysts anticipate that Root, Inc. will post -0.08 EPS for the current fiscal year.

Analysts Set New Price Targets

ROOT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $104.00 price objective (down from $150.00) on shares of Root in a research note on Thursday, February 26th. Wells Fargo & Company decreased their target price on Root from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, February 26th. Weiss Ratings raised Root from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, February 26th. UBS Group dropped their price target on Root from $90.00 to $52.00 and set a “neutral” rating on the stock in a research report on Monday, March 9th. Finally, Wall Street Zen upgraded Root from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $97.80.

About Root

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.