MetLife Investment Management LLC Grows Stock Position in Root, Inc. (NASDAQ:ROOT)

MetLife Investment Management LLC lifted its stake in Root, Inc. (NASDAQ:ROOT) by 129.1% during the third quarter, Holdings Channel reports. The institutional investor owned 5,127 shares of the company’s stock after acquiring an additional 2,889 shares during the quarter. MetLife Investment Management LLC’s holdings in Root were worth $194,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Hood River Capital Management LLC acquired a new stake in shares of Root during the 2nd quarter worth approximately $9,547,000. Driehaus Capital Management LLC purchased a new stake in shares of Root during the 2nd quarter worth about $9,154,000. Bank of New York Mellon Corp acquired a new stake in shares of Root during the 2nd quarter valued at about $1,280,000. FMR LLC increased its stake in shares of Root by 966.2% in the 3rd quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after purchasing an additional 16,348 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in Root by 120.0% in the 3rd quarter. Quantbot Technologies LP now owns 14,836 shares of the company’s stock worth $561,000 after purchasing an additional 8,092 shares during the period. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Root Price Performance

ROOT stock opened at $97.68 on Monday. Root, Inc. has a 1 year low of $7.22 and a 1 year high of $118.15. The firm has a market capitalization of $1.47 billion, a PE ratio of -79.41 and a beta of 2.47. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The business has a 50 day simple moving average of $66.76 and a 200-day simple moving average of $56.46.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a research report on Thursday, October 3rd. UBS Group increased their price objective on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Wells Fargo & Company boosted their target price on shares of Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Citizens Jmp lowered shares of Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Jefferies Financial Group cut their price objective on Root from $84.00 to $72.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $59.13.

Insider Buying and Selling at Root

In other Root news, major shareholder Meyer Malka sold 75,839 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $81.21, for a total value of $6,158,885.19. Following the transaction, the insider now owns 43,107 shares of the company’s stock, valued at $3,500,719.47. This represents a 63.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Julie Szudarek sold 2,000 shares of Root stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the sale, the director now owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. This represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 246,905 shares of company stock worth $20,440,479 in the last ninety days. 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.