Geode Capital Management LLC Sells 1,986 Shares of Root, Inc. (NASDAQ:ROOT)

Geode Capital Management LLC lowered its stake in Root, Inc. (NASDAQ:ROOT) by 1.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 190,472 shares of the company’s stock after selling 1,986 shares during the period. Geode Capital Management LLC’s holdings in Root were worth $7,197,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Barclays PLC grew its stake in Root by 361.6% during the third quarter. Barclays PLC now owns 14,033 shares of the company’s stock worth $529,000 after buying an additional 10,993 shares in the last quarter. MML Investors Services LLC bought a new stake in shares of Root during the 3rd quarter worth approximately $288,000. XTX Topco Ltd acquired a new stake in shares of Root during the 3rd quarter worth approximately $645,000. State Street Corp increased its stake in Root by 0.3% in the third quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after acquiring an additional 444 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Root during the third quarter valued at approximately $33,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ROOT shares. Citizens Jmp downgraded Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Jefferies Financial Group reduced their price objective on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. 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. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Six analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $59.13.

Root Stock Up 1.2 %

NASDAQ:ROOT opened at $73.43 on Friday. Root, Inc. has a one year low of $7.22 and a one year high of $118.15. 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 company has a market cap of $1.11 billion, a PE ratio of -59.70 and a beta of 2.47. The firm’s 50 day simple moving average is $80.32 and its 200 day simple moving average is $59.73.

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

Insider Buying and Selling at Root

In other news, major shareholder Meyer Malka sold 75,839 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $3,500,719.47. The trade was a 63.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Julie Szudarek sold 2,000 shares of the stock in a transaction on Monday, November 18th. The stock was 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 trade represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 246,905 shares of company stock worth $20,440,479. Insiders own 11.71% 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.