Meyer Malka Sells 13,300 Shares of Root, Inc. (NASDAQ:ROOT) Stock

Root, Inc. (NASDAQ:ROOT) major shareholder Meyer Malka sold 13,300 shares of the business’s stock in a transaction that occurred on 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 owns 43,107 shares of the company’s stock, valued at approximately $2,611,422.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Root Stock Up 11.2 %

Root stock opened at $62.97 on Wednesday. The stock has a market capitalization of $919.36 million, a PE ratio of -8.10 and a beta of 2.72. Root, Inc. has a twelve month low of $4.29 and a twelve month high of $86.57. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.81. The company has a 50 day moving average of $55.99 and a 200-day moving average of $26.12.

Root (NASDAQ:ROOT) last announced its earnings results on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($2.51) by $2.09. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. The business had revenue of $254.90 million during the quarter, compared to analysts’ expectations of $203.99 million. During the same quarter in the prior year, the company posted ($2.88) earnings per share. The firm’s revenue was up 263.6% on a year-over-year basis. On average, equities research analysts anticipate that Root, Inc. will post -6.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Citigroup Inc. boosted its holdings in Root by 218,250.0% during the third 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 during the first quarter worth $293,000. Quantbot Technologies LP acquired a new position in Root during the first quarter worth $431,000. HST Ventures LLC boosted its holdings in Root by 21.9% during the fourth quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock worth $544,000 after purchasing an additional 9,317 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in Root by 37.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after purchasing an additional 9,390 shares during the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

Wall Street Analysts Forecast Growth

ROOT has been the subject of a number of analyst reports. Citigroup boosted their price objective on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. JMP Securities boosted their price objective on shares of Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, May 1st. Keefe, Bruyette & Woods restated an “outperform” rating and set a $80.00 price objective (up previously from $70.00) on shares of Root in a report on Tuesday. Wells Fargo & Company boosted their price objective on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, May 1st. Finally, TD Cowen started coverage on shares of Root in a report on Wednesday, January 10th. They set a “market perform” rating for the company. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Root currently has an average rating of “Hold” and an average price target of $40.75.

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.