Root (NASDAQ:ROOT) Stock Price Down 3.5% – Here’s What Happened

Root, Inc. (NASDAQ:ROOT)’s stock price traded down 3.5% on Wednesday . The stock traded as low as $123.67 and last traded at $124.04. 491,807 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 518,967 shares. The stock had previously closed at $128.60.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ROOT shares. Scotiabank reissued a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. UBS Group boosted their target price on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, March 7th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a report on Sunday, March 2nd. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Root currently has an average rating of “Moderate Buy” and an average price target of $88.33.

Root Stock Down 3.5 %

The business’s fifty day simple moving average is $123.38 and its two-hundred day simple moving average is $87.26. The company has a market cap of $1.89 billion, a PE ratio of -100.85 and a beta of 2.48. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of ($0.63) by $1.93. The firm had revenue of $326.70 million during the quarter, compared to analyst estimates of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. On average, analysts predict that Root, Inc. will post -0.08 earnings per share for the current year.

Insider Transactions at Root

In related news, Director Doug Ulman sold 2,000 shares of Root stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the sale, the director now directly owns 6,201 shares in the company, valued at approximately $1,085,175. The trade was a 24.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On Root

Several hedge funds and other institutional investors have recently made changes to their positions in ROOT. Vanguard Group Inc. increased its position in shares of Root by 16.2% during the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after purchasing an additional 73,413 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Root in the fourth quarter valued at about $29,661,000. Renaissance Technologies LLC lifted its stake in shares of Root by 41.8% in the fourth quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock worth $19,129,000 after buying an additional 77,699 shares in the last quarter. State Street Corp boosted its position in Root by 0.3% during the third quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after acquiring an additional 444 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Root by 163.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock valued at $9,286,000 after acquiring an additional 79,317 shares in the last quarter. 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.