Root (NASDAQ:ROOT) Shares Down 6%

Root, Inc. (NASDAQ:ROOT) dropped 6% during trading on Monday . The stock traded as low as $42.21 and last traded at $42.31. Approximately 120,022 shares were traded during trading, a decline of 79% from the average daily volume of 580,283 shares. The stock had previously closed at $45.03.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wells Fargo & Company raised their target price on shares of Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 1st. TD Cowen increased their price objective on Root from $11.00 to $51.00 and gave the stock a “hold” rating in a research note on Wednesday, June 5th. JMP Securities increased their price target on shares of Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 1st. Jefferies Financial Group upgraded shares of Root from a “hold” rating to a “buy” rating and increased their target price for the stock from $10.00 to $40.00 in a research report on Friday, March 1st. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $80.00 price objective (up previously from $70.00) on shares of Root in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $41.89.

Root Price Performance

The firm has a market cap of $658.28 million, a price-to-earnings ratio of -5.80 and a beta of 2.59. The stock’s 50-day moving average price is $55.86 and its 200 day moving average price is $36.69. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.81.

Root (NASDAQ:ROOT) last issued its earnings results on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($2.51) by $2.09. The firm had revenue of $254.90 million during the quarter, compared to analysts’ expectations of $203.99 million. Root had a negative return on equity of 62.36% and a negative net margin of 17.61%. Root’s quarterly revenue was up 263.6% compared to the same quarter last year. During the same period last year, the business earned ($2.88) earnings per share. Equities research analysts predict that Root, Inc. will post -4.81 earnings per share for the current year.

Insider Buying and Selling

In other Root news, major shareholder Meyer Malka sold 13,300 shares of Root stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $60.58, for a total transaction of $805,714.00. Following the completion of the transaction, the insider now directly owns 43,107 shares of the company’s stock, valued at $2,611,422.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Meyer Malka sold 13,300 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $60.58, for a total transaction of $805,714.00. Following the transaction, the insider now owns 43,107 shares in the company, valued at approximately $2,611,422.06. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Beth A. Birnbaum sold 1,735 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $43.67, for a total transaction of $75,767.45. Following the sale, the director now directly owns 16,013 shares in the company, valued at $699,287.71. The disclosure for this sale can be found here. 11.71% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Root

Several institutional investors have recently modified their holdings of the business. Barclays PLC lifted its stake in shares of Root by 229,380.0% in the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after purchasing an additional 11,469 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Root in the 3rd quarter valued at approximately $158,000. Trexquant Investment LP acquired a new position in Root during the third quarter valued at approximately $309,000. Corton Capital Inc. bought a new stake in Root in the third quarter valued at approximately $120,000. Finally, Cannell Capital LLC acquired a new position in shares of Root in the 3rd quarter valued at $2,795,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.