Insider Selling: Root, Inc. (NASDAQ:ROOT) Major Shareholder Sells 13,300 Shares of Stock

Root, Inc. (NASDAQ:ROOT) major shareholder Meyer Malka sold 13,300 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $60.58, for a total transaction of $805,714.00. Following the transaction, the insider now directly owns 43,107 shares in the company, valued at approximately $2,611,422.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Root Price Performance

NASDAQ ROOT opened at $62.48 on Thursday. The company has a 50-day moving average price of $57.43 and a two-hundred day moving average price of $26.75. Root, Inc. has a 52 week low of $4.29 and a 52 week high of $86.57. The stock has a market cap of $912.21 million, a price-to-earnings ratio of -8.04 and a beta of 2.72. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.81.

Root (NASDAQ:ROOT) last posted its earnings results on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($2.51) by $2.09. Root had a negative return on equity of 62.36% and a negative net margin of 17.61%. The firm had revenue of $254.90 million for the quarter, compared to analysts’ expectations of $203.99 million. During the same period last year, the firm earned ($2.88) EPS. The firm’s revenue was up 263.6% compared to the same quarter last year. Analysts forecast that Root, Inc. will post -6.59 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ROOT shares. JMP Securities increased their target price on Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a report on Wednesday, May 1st. TD Cowen assumed coverage on shares of Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Cantor Fitzgerald upgraded shares of Root from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and lifted their price target for the company from $10.00 to $40.00 in a report on Friday, March 1st. Finally, Citigroup raised their target price on shares of Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $40.75.

Institutional Investors Weigh In On Root

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. increased its stake in Root by 218,250.0% during the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after buying an additional 4,365 shares during the period. Trexquant Investment LP bought a new position in shares of Root in the third quarter valued at approximately $309,000. Raymond James & Associates acquired a new position in shares of Root during the third quarter valued at approximately $1,315,000. Cannell Capital LLC bought a new stake in Root during the third quarter worth approximately $2,795,000. Finally, Barclays PLC lifted its position in Root by 229,380.0% in the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after purchasing an additional 11,469 shares during the period. 59.82% of the stock is currently owned by institutional investors.

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.