Root (NASDAQ:ROOT) Trading Down 7.9% on Insider Selling

Root, Inc. (NASDAQ:ROOT)’s share price dropped 7.9% during mid-day trading on Wednesday after an insider sold shares in the company. The stock 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 the 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 sale, the director now owns 6,201 shares in the company, valued at $1,085,175. This represents a 24.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

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

Root Stock Performance

The company has a market cap 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. The company has a 50 day moving average price of $120.39 and a 200-day moving average price of $84.58.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of ($0.63) by $1.93. The business had revenue of $326.70 million during the quarter, compared to the consensus estimate of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. Equities analysts expect that Root, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ROOT. California State Teachers Retirement System boosted its stake in Root by 12.0% during the 4th quarter. California State Teachers Retirement System now owns 7,477 shares of the company’s stock valued at $543,000 after purchasing an additional 801 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Root by 69.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,421 shares of the company’s stock valued at $611,000 after buying an additional 3,459 shares in the last quarter. State of Wyoming grew its holdings in Root by 21.6% during the fourth quarter. State of Wyoming now owns 4,162 shares of the company’s stock worth $302,000 after acquiring an additional 740 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Root by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock worth $357,000 after acquiring an additional 171 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in Root in the 4th quarter valued at about $248,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Company 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.