Root, Inc. (NASDAQ:ROOT) Director Jerri Devard Sells 1,895 Shares

Root, Inc. (NASDAQ:ROOT) Director Jerri Devard sold 1,895 shares of the firm’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $141.50, for a total transaction of $268,142.50. Following the completion of the sale, the director now directly owns 18,532 shares of the company’s stock, valued at approximately $2,622,278. This represents a 9.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Root Trading Up 9.0%

ROOT opened at $151.73 on Monday. 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 fifty-two week low of $34.04 and a fifty-two week high of $181.14. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -123.36 and a beta of 2.31. The company’s 50 day moving average price is $133.54 and its two-hundred day moving average price is $114.90.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.62. The firm had revenue of $349.40 million during the quarter, compared to analyst estimates of $305.24 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. During the same period last year, the company posted ($0.42) EPS. The business’s quarterly revenue was up 37.2% on a year-over-year basis. As a group, research analysts predict that Root, Inc. will post -0.08 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on ROOT. Wells Fargo & Company increased their target price on Root from $105.00 to $142.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Jefferies Financial Group raised their price target on shares of Root from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. Wall Street Zen upgraded Root from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, UBS Group boosted their target price on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a report on Friday, March 7th. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $136.40.

Hedge Funds Weigh In On Root

Several large investors have recently added to or reduced their stakes in ROOT. Bayforest Capital Ltd purchased a new position in Root in the first quarter valued at about $361,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Root by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock valued at $686,000 after purchasing an additional 229 shares during the period. AQR Capital Management LLC grew its position in Root by 122.2% during the first quarter. AQR Capital Management LLC now owns 10,229 shares of the company’s stock worth $1,365,000 after buying an additional 5,626 shares in the last quarter. Twin Tree Management LP purchased a new position in shares of Root during the first quarter worth about $37,000. Finally, Driehaus Capital Management LLC bought a new position in shares of Root in the 1st quarter worth $20,423,000. 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.