Jump Financial LLC Reduces Stock Position in Root, Inc. (NASDAQ:ROOT)

Jump Financial LLC trimmed its stake in shares of Root, Inc. (NASDAQ:ROOT) by 65.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,220 shares of the company’s stock after selling 22,729 shares during the period. Jump Financial LLC owned approximately 0.08% of Root worth $887,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised 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 buying an additional 79,317 shares during the last quarter. Renaissance Technologies LLC increased its position in Root by 41.8% during the fourth quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock valued at $19,129,000 after acquiring an additional 77,699 shares during the last quarter. Vanguard Group Inc. increased its position in Root by 16.2% during the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock valued at $38,250,000 after acquiring an additional 73,413 shares during the last quarter. Quinn Opportunity Partners LLC bought a new position in Root in the fourth quarter valued at about $2,952,000. Finally, Landscape Capital Management L.L.C. purchased a new position in Root in the fourth quarter worth about $2,043,000. Institutional investors own 59.82% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ROOT shares. Scotiabank reiterated a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. UBS Group increased their price target on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Wells Fargo & Company boosted their price objective on shares of Root from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Thursday, April 10th. Finally, Jefferies Financial Group raised their target price on Root from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $102.67.

Root Trading Down 8.7 %

ROOT stock opened at $118.39 on Tuesday. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -96.25 and a beta of 2.41. 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, Inc. has a 1-year low of $34.04 and a 1-year high of $181.14. The business has a 50 day simple moving average of $130.45 and a two-hundred day simple moving average of $96.12.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The firm had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. Research analysts anticipate that Root, Inc. will post -0.08 EPS for the current fiscal year.

Insider Activity

In other news, insider Mahtiyar Bonakdarpour sold 5,515 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was 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 of the company’s stock, valued at $35,799,506.78. This trade represents a 1.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Doug Ulman sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the transaction, the director now directly owns 6,201 shares in the company, valued at approximately $1,085,175. This represents a 24.39 % 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 worth $1,191,469. 11.71% of the stock is currently owned by insiders.

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.