Root, Inc. (NASDAQ:ROOT) Major Shareholder Sells $9,768,629.97 in Stock

Root, Inc. (NASDAQ:ROOT) major shareholder Meyer Malka sold 118,107 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $82.71, for a total value of $9,768,629.97. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares 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 shares were 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 shares were sold at an average price of $84.78, for a total transaction of $4,320,304.02.

Root Trading Down 7.8 %

ROOT stock traded down $6.31 during trading on Tuesday, hitting $74.99. The company had a trading volume of 698,197 shares, compared to its average volume of 551,253. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -60.97 and a beta of 2.34. Root, Inc. has a 12 month low of $7.22 and a 12 month high of $118.15. The firm has a 50-day moving average price of $45.10 and a 200-day moving average price of $52.08. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65.

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

Institutional Trading of Root

Hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Root in the first quarter worth $1,171,000. Tidal Investments LLC acquired a new stake in shares of Root during the first quarter worth about $1,997,000. Quantbot Technologies LP acquired a new position in shares of Root during the 1st quarter worth approximately $431,000. Driehaus Capital Management LLC acquired a new stake in shares of Root in the 2nd quarter worth $9,154,000. Finally, Bank of New York Mellon Corp purchased a new stake in Root during the second quarter worth about $1,280,000. Institutional investors own 59.82% of the company’s stock.

Wall Street Analysts Forecast Growth

ROOT has been the topic of several research reports. Jefferies Financial Group cut their target price on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. JMP Securities reissued a “market outperform” rating and issued a $90.00 price objective on shares of Root in a research report on Tuesday, October 15th. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Wells Fargo & Company boosted their price target on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Finally, UBS Group raised their target price on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.13.

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.