Root (NASDAQ:ROOT) Shares Gap Down After Insider Selling

Root, Inc. (NASDAQ:ROOT) shares gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $151.11, but opened at $146.29. Root shares last traded at $145.06, with a volume of 212,584 shares changing hands.

Specifically, Director Doug Ulman sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now owns 6,201 shares in the company, valued at approximately $1,085,175. This trade represents a 24.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ROOT shares. Scotiabank reissued a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. UBS Group increased their target price on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, March 7th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Root in a research note 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. Based on data from MarketBeat.com, Root presently has a consensus rating of “Moderate Buy” and an average price target of $88.33.

Root Trading Down 1.4 %

The firm has a 50 day moving average of $120.39 and a 200-day moving average of $84.58. The firm has a market capitalization of $2.26 billion, a P/E ratio of -121.09 and a beta of 2.48. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65.

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

Institutional Trading of Root

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC raised its stake in Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock worth $682,000 after acquiring an additional 16,348 shares in the last quarter. Barclays PLC raised its holdings in Root by 361.6% in the 3rd quarter. Barclays PLC now owns 14,033 shares of the company’s stock valued at $529,000 after buying an additional 10,993 shares during the last quarter. Nordea Investment Management AB boosted its position in Root by 7.3% during the 4th quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock worth $1,497,000 after buying an additional 1,416 shares during the period. Franklin Resources Inc. acquired a new stake in Root during the 3rd quarter worth approximately $249,000. Finally, Point72 Asset Management L.P. bought a new stake in Root during the 3rd quarter worth approximately $428,000. 59.82% of the stock is currently owned by institutional investors.

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.