Root, Inc. (NASDAQ:ROOT) Major Shareholder Meyer Malka Sells 50,959 Shares

Root, Inc. (NASDAQ:ROOT) major shareholder Meyer Malka sold 50,959 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $84.78, for a total transaction of $4,320,304.02. Following the completion of the sale, the insider now owns 102 shares of the company’s stock, valued at $8,647.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Root Price Performance

Root stock opened at $73.78 on Thursday. Root, Inc. has a 52 week low of $7.22 and a 52 week high of $118.15. The company’s 50 day moving average price is $42.23 and its two-hundred day moving average price is $51.52. The stock has a market cap of $1.11 billion, a P/E ratio of -58.33 and a beta of 2.34. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65.

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

Analyst Ratings Changes

Several research firms have recently commented on ROOT. Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a report on Thursday, October 3rd. JMP Securities restated a “market outperform” rating and set a $90.00 price objective on shares of Root in a report on Tuesday, October 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $90.00 price objective (up from $82.00) on shares of Root in a research note on Tuesday. UBS Group boosted their target price on shares of Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Wells Fargo & Company raised their price target on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.13.

Institutional Trading of Root

A number of large investors have recently bought and sold shares of ROOT. Versor Investments LP bought a new position in Root during the third quarter worth about $216,000. SG Americas Securities LLC purchased a new stake in shares of Root in the third quarter worth about $412,000. Algert Global LLC bought a new position in shares of Root in the second quarter valued at approximately $288,000. Driehaus Capital Management LLC bought a new position in Root in the 2nd quarter valued at $9,154,000. Finally, Alpha DNA Investment Management LLC boosted its holdings in Root by 5.5% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock valued at $480,000 after purchasing an additional 486 shares during the period. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.