24,803 Shares in Root, Inc. (NASDAQ:ROOT) Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp acquired a new stake in shares of Root, Inc. (NASDAQ:ROOT) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 24,803 shares of the company’s stock, valued at approximately $1,280,000. Bank of New York Mellon Corp owned approximately 0.17% of Root as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC purchased a new stake in shares of Root during the 1st quarter worth about $293,000. Quantbot Technologies LP bought a new stake in Root in the first quarter worth approximately $431,000. Price T Rowe Associates Inc. MD bought a new stake in Root in the first quarter worth approximately $434,000. Trexquant Investment LP increased its stake in shares of Root by 43.4% during the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock worth $488,000 after purchasing an additional 14,096 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Root during the 1st quarter valued at $1,171,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Stock Performance

NASDAQ ROOT opened at $40.28 on Friday. The stock has a 50-day simple moving average of $52.68 and a 200 day simple moving average of $54.83. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.43 and a quick ratio of 1.43. Root, Inc. has a twelve month low of $7.22 and a twelve month high of $86.57.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($1.74) by $1.22. The company had revenue of $289.20 million during the quarter, compared to analysts’ expectations of $264.80 million. Root had a negative return on equity of 50.80% and a negative net margin of 9.81%. Root’s revenue for the quarter was up 286.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($2.55) earnings per share. On average, research analysts forecast that Root, Inc. will post -2.13 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ROOT shares. UBS Group decreased their price objective on shares of Root from $71.00 to $61.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $82.00 price objective (down previously from $88.00) on shares of Root in a report on Friday, August 16th. Finally, TD Cowen boosted their target price on Root from $11.00 to $51.00 and gave the stock a “hold” rating in a report on Wednesday, June 5th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.38.

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.