Root, Inc. (NASDAQ:ROOT) Director Sells $350,000.00 in Stock

Root, Inc. (NASDAQ:ROOT) Director Doug Ulman sold 2,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the director now directly owns 6,201 shares of the company’s stock, valued at approximately $1,085,175. This represents a 24.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Root Trading Down 10.4 %

Shares of NASDAQ:ROOT traded down $17.45 during midday trading on Wednesday, reaching $151.11. 1,221,682 shares of the company’s stock were exchanged, compared to its average volume of 510,252. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -122.85 and a beta of 2.48. Root, Inc. has a fifty-two week low of $34.04 and a fifty-two week high of $181.14. The firm’s 50 day simple moving average is $117.87 and its two-hundred day simple moving average is $83.66. 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 (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $1.93. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The business had revenue of $326.70 million during the quarter, compared to analysts’ expectations of $287.79 million. As a group, sell-side analysts forecast that Root, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Trading of Root

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock worth $682,000 after buying an additional 16,348 shares during the period. Barclays PLC grew its position in Root by 361.6% in the 3rd quarter. Barclays PLC now owns 14,033 shares of the company’s stock valued at $529,000 after acquiring an additional 10,993 shares in the last quarter. Nordea Investment Management AB increased its stake in Root by 7.3% during the fourth quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock worth $1,497,000 after purchasing an additional 1,416 shares during the period. Franklin Resources Inc. purchased a new stake in Root during the third quarter worth about $249,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Root during the third quarter worth about $428,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Wall Street Analysts Forecast Growth

ROOT has been the subject of a number of research reports. Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a report on Sunday, March 2nd. UBS Group upped their price objective 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, Scotiabank restated a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Five investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $88.33.

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.