Root, Inc. (NASDAQ:ROOT) Shares Purchased by Rhumbline Advisers

Rhumbline Advisers lifted its stake in Root, Inc. (NASDAQ:ROOT) by 2,355.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,590 shares of the company’s stock after purchasing an additional 11,118 shares during the quarter. Rhumbline Advisers’ holdings in Root were worth $598,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Jump Financial LLC purchased a new position in shares of Root in the fourth quarter worth $234,000. Trexquant Investment LP raised its stake in Root by 43.4% in the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock worth $488,000 after acquiring an additional 14,096 shares during the last quarter. Cannell Capital LLC lifted its position in Root by 144.0% during the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after acquiring an additional 423,120 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Root during the 1st quarter valued at about $293,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Root in the first quarter valued at about $1,171,000. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ROOT shares. UBS Group dropped their target price on Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $82.00 target price (down from $88.00) on shares of Root in a report on Friday, August 16th. Finally, TD Cowen boosted their price target on Root from $11.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Root presently has a consensus rating of “Moderate Buy” and an average target price of $53.38.

Root Stock Performance

Shares of ROOT stock opened at $39.45 on Wednesday. The company has a market capitalization of $587.81 million, a P/E ratio of -5.08 and a beta of 2.54. Root, Inc. has a 12-month low of $7.22 and a 12-month high of $86.57. The business’s 50 day moving average is $50.03 and its two-hundred day moving average is $54.81. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.98.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.74) by $1.22. The firm had revenue of $289.20 million for the quarter, compared to analysts’ expectations of $264.80 million. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The firm’s revenue for the quarter was up 286.6% compared to the same quarter last year. During the same quarter last year, the company earned ($2.55) EPS. Analysts expect that Root, Inc. will post -2.13 EPS for the current fiscal year.

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.