Root (NASDAQ:ROOT) Shares Down 3.7%

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

Wall Street Analysts Forecast Growth

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

Root Price Performance

The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -9.97 and a beta of 2.57. The stock has a fifty day moving average of $55.96 and a two-hundred day moving average of $43.83.

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

Insider Activity

In other Root news, major shareholder Meyer Malka sold 13,300 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was 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 of the company’s stock, valued at approximately $2,611,422.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Root news, 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 directly owns 43,107 shares in the company, valued at approximately $2,611,422.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Beth A. Birnbaum sold 1,735 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.67, for a total transaction of $75,767.45. Following the completion of the transaction, the director now directly owns 16,013 shares in the company, valued at approximately $699,287.71. The disclosure for this sale can be found here. 11.71% of the stock is owned by insiders.

Institutional Trading of Root

Several institutional investors and hedge funds have recently made changes to their positions in the business. Citigroup Inc. boosted its position in shares of Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in Root in the first quarter valued at about $293,000. Quantbot Technologies LP bought a new position in Root during the first quarter worth about $431,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Root during the 1st quarter worth about $434,000. Finally, Raymond James Financial Services Advisors Inc. increased its stake in shares of Root by 37.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock valued at $360,000 after acquiring an additional 9,390 shares during the last quarter. Institutional investors 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.