Barclays PLC Increases Position in Root, Inc. (NASDAQ:ROOT)

Barclays PLC raised its holdings in Root, Inc. (NASDAQ:ROOT) by 361.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,033 shares of the company’s stock after acquiring an additional 10,993 shares during the period. Barclays PLC’s holdings in Root were worth $529,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Hood River Capital Management LLC acquired a new stake in shares of Root in the second quarter valued at approximately $9,547,000. Driehaus Capital Management LLC acquired a new stake in shares of Root in the 2nd quarter worth $9,154,000. Bank of New York Mellon Corp purchased a new position in shares of Root during the 2nd quarter worth $1,280,000. XTX Topco Ltd acquired a new position in shares of Root during the 3rd quarter valued at about $645,000. Finally, FMR LLC grew its holdings in shares of Root by 966.2% in the third quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after purchasing an additional 16,348 shares during the period. 59.82% of the stock is owned by hedge funds and other institutional investors.

Root Stock Up 1.2 %

Shares of NASDAQ:ROOT opened at $73.43 on Friday. The firm has a market capitalization of $1.11 billion, a PE ratio of -59.70 and a beta of 2.47. Root, Inc. has a 1 year low of $7.22 and a 1 year high of $118.15. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The firm’s 50-day moving average is $80.32 and its two-hundred day moving average is $59.73.

Root (NASDAQ:ROOT) last announced its earnings results 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 firm had revenue of $305.70 million for the quarter, compared to the consensus estimate of $272.77 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm’s revenue for the quarter was up 165.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($3.16) EPS. Analysts predict that Root, Inc. will post -1.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ROOT shares. UBS Group increased their price target 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. Citizens Jmp downgraded Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Jefferies Financial Group lowered their price target on Root from $84.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company boosted their price objective on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Finally, Cantor Fitzgerald raised shares of Root to a “strong-buy” rating in a research note on Thursday, October 3rd. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Root presently has an average rating of “Hold” and a consensus price target of $59.13.

Insider Transactions at Root

In other news, major shareholder Meyer Malka sold 118,107 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $82.71, for a total transaction of $9,768,629.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Julie Szudarek sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the completion of the sale, the director now directly owns 15,003 shares in the company, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 246,905 shares of company stock valued at $20,440,479. 11.71% of the stock is currently owned by company insiders.

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.