Point72 Asset Management L.P. Acquires Shares of 11,324 Root, Inc. (NASDAQ:ROOT)

Point72 Asset Management L.P. purchased a new stake in Root, Inc. (NASDAQ:ROOT) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 11,324 shares of the company’s stock, valued at approximately $428,000. Point72 Asset Management L.P. owned 0.07% of Root as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ROOT. MetLife Investment Management LLC grew its stake in shares of Root by 129.1% in the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after purchasing an additional 2,889 shares in the last quarter. Versor Investments LP purchased a new stake in shares of Root in the third quarter valued at $216,000. Algert Global LLC purchased a new position in Root during the 2nd quarter valued at about $288,000. Vanguard Personalized Indexing Management LLC lifted its position in Root by 76.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after buying an additional 2,576 shares in the last quarter. Finally, Verition Fund Management LLC grew its stake in Root by 15.2% in the third quarter. Verition Fund Management LLC now owns 9,788 shares of the company’s stock valued at $370,000 after purchasing an additional 1,288 shares in the last quarter. Institutional investors own 59.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ROOT shares. Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. UBS Group upped their price objective on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $90.00 price target (up previously from $82.00) on shares of Root in a report on Tuesday, November 5th. Wells Fargo & Company boosted their price target on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Finally, Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a research note on Thursday, October 3rd. Six equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $59.13.

Insider Activity at Root

In related news, major shareholder Meyer Malka sold 75,839 shares of the 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 sale, the insider now directly owns 43,107 shares in the company, valued at $3,500,719.47. This trade represents a 63.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Julie Szudarek sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. This represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,905 shares of company stock worth $20,440,479 over the last ninety days. Company insiders own 11.71% of the company’s stock.

Root Stock Performance

ROOT stock opened at $76.26 on Friday. The stock has a market capitalization of $1.15 billion, a PE ratio of -62.00 and a beta of 2.47. 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 50 day moving average price of $70.32 and a 200 day moving average price of $57.21. Root, Inc. has a fifty-two week low of $7.22 and a fifty-two week high of $118.15.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The firm had revenue of $305.70 million during the quarter, compared to analyst estimates of $272.77 million. During the same period last year, the company earned ($3.16) earnings per share. The company’s revenue was up 165.1% on a year-over-year basis. Analysts forecast that Root, Inc. will post -1.2 EPS for the current year.

Root 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.