Root, Inc. (NASDAQ:ROOT) Insider Sells $688,161.70 in Stock

Root, Inc. (NASDAQ:ROOT) insider Mahtiyar Bonakdarpour sold 5,515 shares of Root stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $124.78, for a total transaction of $688,161.70. Following the completion of the transaction, the insider now directly owns 286,901 shares in the company, valued at approximately $35,799,506.78. The trade was a 1.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Root Stock Performance

Shares of ROOT traded down $4.74 during trading hours on Thursday, reaching $120.43. 817,771 shares of the company traded hands, compared to its average volume of 521,663. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The business has a fifty day moving average price of $124.26 and a 200-day moving average price of $87.52. Root, Inc. has a 12-month low of $34.04 and a 12-month high of $181.14. The stock has a market capitalization of $1.83 billion, a P/E ratio of -97.91 and a beta of 2.48.

Root (NASDAQ:ROOT) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $326.70 million for the quarter, compared to the consensus estimate of $287.79 million. Equities analysts anticipate that Root, Inc. will post -0.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ROOT has been the subject of several recent analyst reports. Wells Fargo & Company restated a “buy” rating on shares of Root in a research note on Sunday, March 2nd. UBS Group raised their price objective on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Five 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 company. According to data from MarketBeat.com, Root has a consensus rating of “Moderate Buy” and an average target price of $88.33.

Hedge Funds Weigh In On Root

Hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. increased its stake in shares of Root by 651.8% in the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after acquiring an additional 365 shares during the period. Point72 DIFC Ltd acquired a new position in Root during the third quarter valued at $33,000. KLP Kapitalforvaltning AS purchased a new stake in Root in the fourth quarter valued at $94,000. Aquatic Capital Management LLC boosted its holdings in Root by 92.1% in the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock valued at $112,000 after purchasing an additional 737 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in Root during the 4th quarter worth about $154,000. 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.