Root, Inc. (NASDAQ:ROOT) Major Shareholder Sells $6,158,885.19 in Stock

Root, Inc. (NASDAQ:ROOT) major shareholder Meyer Malka sold 75,839 shares of Root stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $81.21, for a total value of $6,158,885.19. Following the transaction, the insider now owns 43,107 shares of the company’s stock, valued at $3,500,719.47. The trade was a 63.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Meyer Malka also recently made the following trade(s):

• On Monday, November 11th, Meyer Malka sold 118,107 shares of Root stock. The shares were sold at an average price of $82.71, for a total value of $9,768,629.97.
• On Thursday, October 31st, Meyer Malka sold 50,959 shares of Root stock. The shares were sold at an average price of $84.78, for a total value of $4,320,304.02.

Root Price Performance

Shares of Root stock opened at $78.81 on Friday. The stock’s 50-day simple moving average is $47.27 and its 200-day simple moving average is $52.50. Root, Inc. has a 52 week low of $7.22 and a 52 week high of $118.15. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -64.07 and a beta of 2.34. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, beating the consensus estimate of ($0.61) by $1.96. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The business had revenue of $305.70 million for the quarter, compared to the consensus estimate of $272.77 million. During the same period in the previous year, the business earned ($3.16) earnings per share. The business’s revenue was up 165.1% on a year-over-year basis. As a group, analysts expect that Root, Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Root

Several large investors have recently made changes to their positions in ROOT. MetLife Investment Management LLC lifted its position in shares of Root by 129.1% in the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock valued at $194,000 after acquiring an additional 2,889 shares in the last quarter. Versor Investments LP purchased a new stake in shares of Root in the third quarter worth about $216,000. Algert Global LLC purchased a new stake in shares of Root in the second quarter worth about $288,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of Root by 76.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after buying an additional 2,576 shares in the last quarter. Finally, Verition Fund Management LLC lifted its position in shares of Root by 15.2% in the third quarter. Verition Fund Management LLC now owns 9,788 shares of the company’s stock worth $370,000 after buying an additional 1,288 shares in the last quarter. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. JMP Securities reiterated a “market outperform” rating and set a $90.00 price objective on shares of Root in a research note on Tuesday, October 15th. UBS Group lifted their target price on Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Cantor Fitzgerald raised Root to a “strong-buy” rating in a report on Thursday, October 3rd. Jefferies Financial Group reduced their target price on Root from $84.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $90.00 target price (up previously from $82.00) on shares of Root in a report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Root presently has an average rating of “Moderate Buy” and a consensus price target of $59.13.

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.