Root, Inc. (NASDAQ:ROOT) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in Root, Inc. (NASDAQ:ROOT) by 30.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 48,606 shares of the company’s stock after selling 21,748 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.32% of Root worth $1,836,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ROOT. Hood River Capital Management LLC acquired a new stake in shares of Root in the second quarter worth approximately $9,547,000. Driehaus Capital Management LLC acquired a new position in shares of Root in the 2nd quarter valued at $9,154,000. Tidal Investments LLC acquired a new position in shares of Root in the 1st quarter valued at $1,997,000. Bank of New York Mellon Corp purchased a new stake in shares of Root during the 2nd quarter valued at $1,280,000. Finally, Rhumbline Advisers increased its holdings in shares of Root by 2,355.5% during the 2nd quarter. Rhumbline Advisers now owns 11,590 shares of the company’s stock worth $598,000 after buying an additional 11,118 shares during the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Stock Down 0.7 %

NASDAQ ROOT opened at $108.44 on Tuesday. The stock has a market cap of $1.64 billion, a PE ratio of -88.16 and a beta of 2.34. The business has a 50 day moving average price of $56.30 and a two-hundred day moving average price of $54.26. Root, Inc. has a fifty-two week low of $7.22 and a fifty-two week high of $118.15. 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 released its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The business had revenue of $305.70 million during the quarter, compared to analyst estimates of $272.77 million. During the same period last year, the business earned ($3.16) EPS. The business’s revenue was up 165.1% on a year-over-year basis. As a group, sell-side analysts predict that Root, Inc. will post -1.2 EPS for the current fiscal year.

Insider Activity

In related news, Director Julie Szudarek sold 2,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $96.33, for a total value of $192,660.00. Following the sale, the director now directly owns 15,003 shares of the company’s stock, valued at $1,445,238.99. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Meyer Malka sold 50,959 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $84.78, for a total transaction of $4,320,304.02. Following the transaction, the insider now owns 102 shares in the company, valued at $8,647.56. This trade represents a 99.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,905 shares of company stock worth $20,440,479 over the last ninety days. Corporate insiders own 11.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ROOT shares. Wells Fargo & Company boosted their price target on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Jefferies Financial Group decreased 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. UBS Group raised their price target on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday. Finally, JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Root presently has an average rating of “Hold” and an average target price 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.