Root, Inc. (NASDAQ:ROOT) Major Shareholder Meyer Malka Sells 13,300 Shares of Stock

Root, Inc. (NASDAQ:ROOT) major shareholder Meyer Malka sold 13,300 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $60.58, for a total transaction of $805,714.00. Following the completion of the sale, the insider now owns 43,107 shares of the company’s stock, valued at approximately $2,611,422.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Root Stock Up 0.6 %

ROOT stock opened at $56.62 on Tuesday. The stock has a fifty day moving average of $55.31 and a 200-day moving average of $25.78. Root, Inc. has a fifty-two week low of $4.29 and a fifty-two week high of $86.57. The company has a market capitalization of $826.65 million, a price-to-earnings ratio of -7.29 and a beta of 2.72. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.51 and a current ratio of 1.51.

Root (NASDAQ:ROOT) last issued its earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.51) by $2.09. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. The firm had revenue of $254.90 million during the quarter, compared to analyst estimates of $203.99 million. During the same quarter last year, the business earned ($2.88) earnings per share. The company’s quarterly revenue was up 263.6% on a year-over-year basis. As a group, equities research analysts predict that Root, Inc. will post -6.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Citigroup Inc. lifted its position in shares of Root by 218,250.0% during the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after acquiring an additional 4,365 shares in the last quarter. Barclays PLC raised its stake in shares of Root by 229,380.0% during the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after purchasing an additional 11,469 shares during the period. Corton Capital Inc. purchased a new stake in Root during the 3rd quarter worth about $120,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Root during the 3rd quarter valued at about $158,000. Finally, Jump Financial LLC purchased a new position in Root during the 4th quarter valued at about $234,000. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on ROOT. Wells Fargo & Company upped their price objective on shares of Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 1st. TD Cowen started coverage on Root in a research report on Wednesday, January 10th. They set a “market perform” rating for the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $70.00 price objective (up previously from $22.00) on shares of Root in a research report on Wednesday, April 24th. Citigroup raised their target price on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Finally, JMP Securities boosted their price target on shares of Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $39.50.

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.