Root (NASDAQ:ROOT) Stock Price Down 3.5% – What’s Next?

Shares of Root, Inc. (NASDAQ:ROOT) fell 3.5% on Wednesday . The stock traded as low as $123.67 and last traded at $124.04. 491,807 shares were traded during trading, a decline of 5% from the average session volume of 518,967 shares. The stock had previously closed at $128.60.

Analyst Ratings Changes

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

Root Stock Down 6.7 %

The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of -91.36 and a beta of 2.48. The business’s fifty day moving average price is $124.96 and its 200 day moving average price is $87.75. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65.

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

Insiders Place Their Bets

In related news, Director Doug Ulman sold 2,000 shares of the firm’s 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 sale, the director now owns 6,201 shares in the company, valued at $1,085,175. This trade represents a 24.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of Root stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the completion of the sale, the insider now directly owns 286,901 shares in the company, valued at $35,799,506.78. This represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,659 shares of company stock valued at $1,191,469. 11.71% of the stock is owned by company insiders.

Institutional Trading of Root

Several hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. grew its holdings in Root by 651.8% during the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after acquiring an additional 365 shares during the period. Point72 DIFC Ltd acquired a new position in shares of Root during the 3rd quarter worth $33,000. KLP Kapitalforvaltning AS purchased a new position in shares of Root in the 4th quarter valued at about $94,000. Aquatic Capital Management LLC lifted its stake in shares of Root by 92.1% in the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock valued at $112,000 after purchasing an additional 737 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Root in the fourth quarter valued at about $154,000. 59.82% of the stock is owned by institutional investors and hedge funds.

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.