Prosperitas Financial LLC Purchases New Position in Root, Inc. $ROOT

Prosperitas Financial LLC purchased a new stake in Root, Inc. (NASDAQ:ROOT) in the fourth quarter, HoldingsChannel reports. The fund purchased 22,066 shares of the company’s stock, valued at approximately $1,594,000.

Other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue bought a new position in shares of Root in the 3rd quarter valued at about $50,000. Russell Investments Group Ltd. lifted its holdings in shares of Root by 511.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after acquiring an additional 614 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Root by 237.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock valued at $164,000 after acquiring an additional 899 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Root in the 3rd quarter valued at about $144,000. Finally, State of Wyoming bought a new position in shares of Root in the 2nd quarter valued at about $213,000. Institutional investors own 59.82% of the company’s stock.

Root Stock Performance

ROOT stock opened at $56.63 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.61. The business’s fifty day simple moving average is $48.83 and its two-hundred day simple moving average is $64.50. Root, Inc. has a twelve month low of $40.91 and a twelve month high of $162.99. The firm has a market cap of $880.88 million, a price-to-earnings ratio of 16.96 and a beta of 2.95.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, May 6th. The company reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $1.25. Root had a return on equity of 19.97% and a net margin of 3.58%.The business had revenue of $393.50 million for the quarter, compared to analyst estimates of $398.16 million. During the same quarter last year, the firm posted $1.07 earnings per share. The business’s revenue was up 12.5% compared to the same quarter last year. Analysts predict that Root, Inc. will post 2.15 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on ROOT shares. Wall Street Zen raised shares of Root from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Keefe, Bruyette & Woods reduced their price objective on shares of Root from $104.00 to $95.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 7th. Wells Fargo & Company increased their price objective on shares of Root from $52.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Zacks Research lowered shares of Root from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Root from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $93.20.

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.