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

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

Analyst Ratings Changes

ROOT has been the subject of a number of analyst reports. Scotiabank reissued a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. UBS Group increased their price target on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, March 7th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Root currently has an average rating of “Moderate Buy” and an average target price of $88.33.

Root Stock Down 6.7 %

The business’s 50 day moving average price is $124.96 and its 200-day moving average price is $87.75. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The firm has a market capitalization of $1.71 billion, a PE ratio of -91.36 and a beta of 2.48.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $326.70 million for the quarter, compared to analyst estimates of $287.79 million. As a group, equities research analysts forecast that Root, Inc. will post -0.08 earnings per share for the current year.

Insider Activity at Root

In other news, Director Doug Ulman sold 2,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the sale, the director now directly owns 6,201 shares in the company, valued at approximately $1,085,175. This trade represents a 24.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of Root stock in a transaction 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 transaction, the insider now owns 286,901 shares of the company’s stock, valued at approximately $35,799,506.78. This trade represents a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,659 shares of company stock worth $1,191,469 in the last three months. 11.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On Root

A number of hedge funds have recently bought and sold shares of ROOT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Root by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock worth $357,000 after buying an additional 171 shares during the period. MetLife Investment Management LLC increased its position in shares of Root by 5.0% in the 4th quarter. MetLife Investment Management LLC now owns 5,382 shares of the company’s stock valued at $391,000 after purchasing an additional 255 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Root by 3.6% in the 4th quarter. Legal & General Group Plc now owns 7,955 shares of the company’s stock valued at $577,000 after purchasing an additional 273 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Root by 651.8% in the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock valued at $31,000 after purchasing an additional 365 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Root by 0.3% during the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after purchasing an additional 444 shares during the last quarter. 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.