Root, Inc. (NASDAQ:ROOT) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. trimmed its position in Root, Inc. (NASDAQ:ROOT) by 30.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,606 shares of the company’s stock after selling 21,748 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Root were worth $1,836,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ROOT. Versor Investments LP bought a new stake in Root during the third quarter valued at $216,000. SG Americas Securities LLC acquired a new position in shares of Root in the 3rd quarter valued at about $412,000. Algert Global LLC bought a new stake in shares of Root during the 2nd quarter valued at about $288,000. Driehaus Capital Management LLC acquired a new stake in Root during the second quarter worth about $9,154,000. Finally, Alpha DNA Investment Management LLC lifted its holdings in Root by 5.5% in the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock worth $480,000 after acquiring an additional 486 shares during the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

Root Trading Down 0.7 %

Shares of ROOT opened at $108.44 on Tuesday. Root, Inc. has a 1-year low of $7.22 and a 1-year high of $118.15. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $1.64 billion, a P/E ratio of -88.16 and a beta of 2.34. The business’s 50-day moving average price is $56.30 and its 200 day moving average price is $54.26.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $305.70 million for the quarter, compared to the consensus estimate of $272.77 million. During the same period in the previous year, the firm posted ($3.16) earnings per share. The firm’s revenue was up 165.1% on a year-over-year basis. Analysts expect that Root, Inc. will post -1.2 earnings per share for the current year.

Analysts Set New Price Targets

ROOT has been the topic of a number of research reports. Jefferies Financial Group dropped their price target on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. UBS Group increased their target price on Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Cantor Fitzgerald raised shares of Root to a “strong-buy” rating in a report on Thursday, October 3rd. Citizens Jmp lowered Root from a “strong-buy” rating to a “hold” rating in a report on Friday. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $90.00 target price (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. Six equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $59.13.

Insider Transactions at Root

In other Root news, Director Julie Szudarek sold 2,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $96.33, for a total value of $192,660.00. Following the transaction, the director now directly owns 15,003 shares of the company’s stock, valued at $1,445,238.99. This represents a 11.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Meyer Malka sold 118,107 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $82.71, for a total value of $9,768,629.97. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 246,905 shares of company stock valued at $20,440,479. 11.71% of the stock is owned by insiders.

Root 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.