Point72 Asset Management L.P. Purchases Shares of 11,324 Root, Inc. (NASDAQ:ROOT)

Point72 Asset Management L.P. acquired a new position in shares of Root, Inc. (NASDAQ:ROOT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,324 shares of the company’s stock, valued at approximately $428,000.

Several other large investors also recently made changes to their positions in ROOT. Verition Fund Management LLC lifted its stake in Root by 15.2% in the third quarter. Verition Fund Management LLC now owns 9,788 shares of the company’s stock valued at $370,000 after acquiring an additional 1,288 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Root by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock valued at $194,000 after purchasing an additional 2,889 shares during the period. FMR LLC lifted its stake in 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 during the last quarter. Quantbot Technologies LP increased its position in Root by 120.0% during the third quarter. Quantbot Technologies LP now owns 14,836 shares of the company’s stock worth $561,000 after buying an additional 8,092 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Root in the third quarter valued at approximately $539,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $90.00 target price (up from $82.00) on shares of Root in a report on Tuesday, November 5th. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Jefferies Financial Group decreased their price target on shares of Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. UBS Group raised their price objective on shares of Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Finally, Citizens Jmp lowered Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. 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.com, the company has a consensus rating of “Hold” and a consensus target price of $59.13.

Root Stock Performance

NASDAQ:ROOT opened at $76.26 on Friday. The stock has a fifty day moving average price of $70.32 and a 200-day moving average price of $57.21. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -62.00 and a beta of 2.47. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. Root, Inc. has a fifty-two week low of $7.22 and a fifty-two week high of $118.15.

Root (NASDAQ:ROOT) last announced its 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 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 business earned ($3.16) EPS. The business’s quarterly revenue was up 165.1% compared to the same quarter last year. As a group, equities analysts anticipate that Root, Inc. will post -1.2 EPS for the current fiscal year.

Insider Transactions at Root

In other news, major shareholder Meyer Malka sold 50,959 shares of Root stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $84.78, for a total value of $4,320,304.02. Following the sale, the insider now directly owns 102 shares in the company, valued at approximately $8,647.56. This trade represents a 99.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julie Szudarek sold 2,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $96.33, for a total value of $192,660.00. Following the completion of the sale, the director now directly owns 15,003 shares in the company, valued at approximately $1,445,238.99. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 246,905 shares of company stock valued at $20,440,479 over the last three months. Corporate insiders own 11.71% of the company’s stock.

About Root

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.