Root (NASDAQ:ROOT) Stock Price Down 7.9% Following Insider Selling

Root, Inc. (NASDAQ:ROOT)’s share price was down 7.9% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $162.58 and last traded at $155.16. Approximately 115,044 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 506,422 shares. The stock had previously closed at $168.56.

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

Wall Street Analyst Weigh In

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

Root Price Performance

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

Root (NASDAQ:ROOT) last released 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 firm had revenue of $326.70 million for the quarter, compared to the consensus estimate of $287.79 million. Equities analysts anticipate that Root, Inc. will post -0.08 EPS for the current year.

Hedge Funds Weigh In On Root

A number of large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. grew its stake in Root by 651.8% during the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after buying an additional 365 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Root during the third quarter worth about $33,000. KLP Kapitalforvaltning AS acquired a new position in shares of Root during the fourth quarter valued at about $94,000. Aquatic Capital Management LLC raised its position in shares of Root by 92.1% in the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock valued at $112,000 after purchasing an additional 737 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in Root in the 4th quarter worth approximately $154,000. 59.82% of the stock is owned by institutional investors and hedge funds.

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.