Bank of New York Mellon Corp Boosts Stake in Root, Inc. (NASDAQ:ROOT)

Bank of New York Mellon Corp raised its position in shares of Root, Inc. (NASDAQ:ROOT) by 36.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,438 shares of the company’s stock after acquiring an additional 6,465 shares during the period. Bank of New York Mellon Corp’s holdings in Root were worth $1,774,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in Root by 0.3% during 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 period. Nordea Investment Management AB grew its position in Root by 7.3% during the fourth quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock valued at $1,497,000 after acquiring an additional 1,416 shares during the period. FMR LLC grew its position in Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after acquiring an additional 16,348 shares during the period. XTX Topco Ltd purchased a new stake in Root during the third quarter valued at about $645,000. Finally, Quantbot Technologies LP grew its position in Root by 120.0% during the third quarter. Quantbot Technologies LP now owns 14,836 shares of the company’s stock valued at $561,000 after acquiring an additional 8,092 shares during the period. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Trading Up 5.0 %

NASDAQ:ROOT opened at $160.26 on Friday. 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 one year low of $34.04 and a one year high of $165.23. The business’s 50-day simple moving average is $114.28 and its 200 day simple moving average is $81.48. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of -130.29 and a beta of 2.48.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The business had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. As a group, sell-side analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. UBS Group boosted their price target on Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, March 7th. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Root currently has an average rating of “Moderate Buy” and an average price target of $88.33.

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.