Quantinno Capital Management LP Invests $920,000 in Root, Inc. $ROOT

Quantinno Capital Management LP acquired a new position in Root, Inc. (NASDAQ:ROOT) during the first quarter, HoldingsChannel.com reports. The fund acquired 20,827 shares of the company’s stock, valued at approximately $920,000.

Several other large investors also recently added to or reduced their stakes in the business. Gilder Gagnon Howe & Co. LLC increased its holdings in Root by 3.0% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 6,225 shares of the company’s stock valued at $797,000 after buying an additional 181 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Root by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock worth $686,000 after acquiring an additional 229 shares during the period. Gabelli Funds LLC raised its holdings in Root by 10.9% in the 3rd quarter. Gabelli Funds LLC now owns 5,100 shares of the company’s stock worth $457,000 after purchasing an additional 500 shares during the period. Swiss National Bank raised its holdings in Root by 2.4% in the 4th quarter. Swiss National Bank now owns 21,500 shares of the company’s stock worth $1,553,000 after purchasing an additional 500 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Root by 511.7% during the second quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after purchasing an additional 614 shares in the last quarter. 59.82% of the stock is currently owned by institutional investors.

Root Stock Performance

ROOT opened at $51.45 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $796.96 million, a price-to-earnings ratio of 14.53 and a beta of 2.89. The company has a fifty day moving average of $56.72 and a 200 day moving average of $54.47. Root, Inc. has a fifty-two week low of $40.91 and a fifty-two week high of $104.47.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.49 EPS for the quarter, topping the consensus estimate of $0.83 by $0.66. The business had revenue of $389.20 million for the quarter, compared to analysts’ expectations of $395.14 million. Root had a net margin of 3.78% and a return on equity of 19.72%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.29 EPS. As a group, sell-side analysts forecast that Root, Inc. will post 3.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ROOT shares. Zacks Research raised Root from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. TD Cowen reaffirmed a “hold” rating on shares of Root in a research note on Wednesday, June 17th. Keefe, Bruyette & Woods lowered their price objective on Root from $95.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. UBS Group set a $50.00 price objective on Root and gave the company a “neutral” rating in a research note on Monday, May 11th. Finally, Jefferies Financial Group lowered shares of Root from a “buy” rating to a “hold” rating and reduced their target price for the stock from $78.00 to $58.00 in a report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.25.

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.