Root (NASDAQ:ROOT) Trading Down 7.9% After Insider Selling

Shares of Root, Inc. (NASDAQ:ROOT) were down 7.9% during trading on Wednesday following insider selling activity. The company traded as low as $162.58 and last traded at $155.16. Approximately 115,044 shares were traded during trading, a decline of 77% from the average daily volume of 506,422 shares. The stock had previously closed at $168.56.

Specifically, 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 transaction of $350,000.00. Following the completion of the sale, the director now owns 6,201 shares in the company, valued at approximately $1,085,175. This represents a 24.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Scotiabank restated a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Finally, 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. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $88.33.

Root Stock Performance

The stock has a fifty day moving average price of $120.39 and a 200 day moving average price of $84.58. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of -121.09 and a beta of 2.48.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $1.93. The business had revenue of $326.70 million during the quarter, compared to analysts’ expectations of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. As a group, analysts predict that Root, Inc. will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On Root

Several large investors have recently made changes to their positions in ROOT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 last quarter. MetLife Investment Management LLC raised its stake in Root by 5.0% during 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 boosted its holdings in 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 during the period. Russell Investments Group Ltd. grew its position in Root by 651.8% in the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after purchasing an additional 365 shares during the last quarter. Finally, State Street Corp increased its holdings 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 period. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.