Quinn Opportunity Partners LLC Takes Position in Root, Inc. $ROOT

Quinn Opportunity Partners LLC purchased a new stake in Root, Inc. (NASDAQ:ROOT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 40,000 shares of the company’s stock, valued at approximately $3,580,000. Quinn Opportunity Partners LLC owned 0.26% of Root as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. New York State Common Retirement Fund increased its position in shares of Root by 950.0% in the third quarter. New York State Common Retirement Fund now owns 36,750 shares of the company’s stock worth $3,289,000 after acquiring an additional 33,250 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of Root by 754.6% in the 2nd quarter. Squarepoint Ops LLC now owns 20,537 shares of the company’s stock valued at $2,628,000 after acquiring an additional 18,134 shares in the last quarter. Alberta Investment Management Corp acquired a new position in Root in the 2nd quarter worth approximately $1,497,000. Ensign Peak Advisors Inc acquired a new position in Root in the 2nd quarter worth approximately $33,829,000. Finally, Proem Advisors LLC purchased a new position in Root during the 3rd quarter worth approximately $3,279,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wells Fargo & Company cut their target price on shares of Root from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 26th. UBS Group decreased their target price on Root from $90.00 to $52.00 and set a “neutral” rating for the company in a research report on Monday, March 9th. Wall Street Zen upgraded Root from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Zacks Research raised Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Weiss Ratings raised Root from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $97.80.

Root Trading Down 4.5%

Root stock opened at $43.76 on Friday. Root, Inc. has a one year low of $42.65 and a one year high of $181.14. The company’s fifty day moving average price is $61.43 and its two-hundred day moving average price is $75.93. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.21 and a quick ratio of 1.21. The company has a market capitalization of $680.91 million, a price-to-earnings ratio of 18.86 and a beta of 2.84.

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

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.