Quantbot Technologies LP Takes Position in Root, Inc. $ROOT

Quantbot Technologies LP acquired a new position in shares of Root, Inc. (NASDAQ:ROOT) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 14,368 shares of the company’s stock, valued at approximately $1,286,000. Quantbot Technologies LP owned 0.09% of Root at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. DNB Asset Management AS bought a new stake in Root during the 3rd quarter valued at $211,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Root by 107.7% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,928 shares of the company’s stock valued at $1,157,000 after purchasing an additional 6,703 shares in the last quarter. TD Asset Management Inc raised its stake in shares of Root by 11.6% during the third quarter. TD Asset Management Inc now owns 18,088 shares of the company’s stock valued at $1,619,000 after purchasing an additional 1,874 shares in the last quarter. Citigroup Inc. lifted its holdings in Root by 38.2% in the third quarter. Citigroup Inc. now owns 61,485 shares of the company’s stock worth $5,504,000 after purchasing an additional 17,009 shares during the period. Finally, Vanguard Group Inc. grew its position in Root by 25.9% in the 3rd quarter. Vanguard Group Inc. now owns 724,541 shares of the company’s stock valued at $64,854,000 after buying an additional 149,064 shares in the last quarter. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Root Price Performance

Shares of ROOT stock opened at $48.00 on Friday. Root, Inc. has a 1 year low of $46.63 and a 1 year high of $181.14. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.70. The firm’s 50 day moving average is $64.73 and its 200-day moving average is $77.72. The firm has a market capitalization of $744.43 million, a price-to-earnings ratio of 20.69 and a beta of 2.84.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.28. The firm had revenue of $397.00 million during the quarter, compared to analysts’ expectations of $381.57 million. Root had a net margin of 2.58% and a return on equity of 15.34%. Root’s revenue was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.30 EPS. Sell-side analysts forecast that Root, Inc. will post -0.08 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on ROOT shares. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $104.00 price objective (down from $150.00) on shares of Root in a report on Thursday, February 26th. Wells Fargo & Company lowered their price target on Root from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, February 26th. Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Wall Street Zen upgraded Root from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Weiss Ratings upgraded shares of Root from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $108.40.

About Root

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.