177,378 Shares in Root, Inc. (NASDAQ:ROOT) Bought by Driehaus Capital Management LLC

Driehaus Capital Management LLC bought a new stake in shares of Root, Inc. (NASDAQ:ROOT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 177,378 shares of the company’s stock, valued at approximately $9,154,000.

Other institutional investors also recently bought and sold shares of the company. Sequoia Financial Advisors LLC acquired a new position in shares of Root during the 1st quarter valued at about $293,000. Vanguard Personalized Indexing Management LLC grew its holdings in Root by 76.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after purchasing an additional 2,576 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Root in the first quarter valued at approximately $431,000. Price T Rowe Associates Inc. MD bought a new position in shares of Root in the first quarter valued at approximately $434,000. Finally, Alpha DNA Investment Management LLC lifted its stake in shares of Root by 5.5% in the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock worth $480,000 after buying an additional 486 shares during the last quarter. 59.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ROOT shares. TD Cowen raised their target price on shares of Root from $11.00 to $51.00 and gave the company a “hold” rating in a research note on Wednesday, June 5th. UBS Group lowered their price target on Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Finally, 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 research report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

Root Stock Down 3.9 %

ROOT stock opened at $37.55 on Monday. Root, Inc. has a twelve month low of $7.22 and a twelve month high of $86.57. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98. The company has a market cap of $559.50 million, a PE ratio of -4.83 and a beta of 2.54. The business’s 50-day simple moving average is $47.62 and its 200 day simple moving average is $54.68.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.74) by $1.22. The business had revenue of $289.20 million for 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 quarterly revenue was up 286.6% on a year-over-year basis. During the same period in the previous year, the business posted ($2.55) earnings per share. On average, research analysts anticipate that Root, Inc. will post -2.13 earnings per share for the current year.

Root 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.