Root, Inc. (NASDAQ:ROOT) Major Shareholder Sells 118,107 Shares

Root, Inc. (NASDAQ:ROOT) major shareholder Meyer Malka sold 118,107 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $82.71, for a total transaction of $9,768,629.97. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Meyer Malka also recently made the following trade(s):

• On Thursday, November 7th, Meyer Malka sold 75,839 shares of Root stock. The stock was sold at an average price of $81.21, for a total transaction of $6,158,885.19.
• On Thursday, October 31st, Meyer Malka sold 50,959 shares of Root stock. The stock was sold at an average price of $84.78, for a total transaction of $4,320,304.02.

Root Price Performance

Shares of NASDAQ ROOT opened at $78.81 on Friday. 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, Inc. has a twelve month low of $7.22 and a twelve month high of $118.15. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -64.07 and a beta of 2.34. The firm has a 50-day moving average of $47.27 and a two-hundred day moving average of $52.50.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. The company had revenue of $305.70 million during the quarter, compared to analyst estimates of $272.77 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The business’s quarterly revenue was up 165.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($3.16) earnings per share. As a group, analysts expect that Root, Inc. will post -1.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ROOT shares. Wells Fargo & Company increased their target price on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. JMP Securities reiterated a “market outperform” rating and issued a $90.00 target price on shares of Root in a research report on Tuesday, October 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $90.00 target price (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, UBS Group increased their target price on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Four equities 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $59.13.

Hedge Funds Weigh In On Root

A number of large investors have recently made changes to their positions in ROOT. Mirae Asset Global Investments Co. Ltd. acquired a new position in Root in the first quarter worth approximately $1,171,000. Tidal Investments LLC bought a new stake in shares of Root in the first quarter valued at approximately $1,997,000. Quantbot Technologies LP bought a new position in Root in the first quarter worth $431,000. Driehaus Capital Management LLC bought a new position in Root in the second quarter worth $9,154,000. Finally, Bank of New York Mellon Corp bought a new position in Root in the second quarter worth $1,280,000. Institutional investors and hedge funds 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.