Root, Inc. (NASDAQ:ROOT) Short Interest Update

Root, Inc. (NASDAQ:ROOT) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 1,140,000 shares, a decrease of 23.5% from the October 31st total of 1,490,000 shares. Based on an average trading volume of 627,200 shares, the short-interest ratio is presently 1.8 days.

Root Stock Performance

Shares of ROOT opened at $99.06 on Friday. The business’s 50-day moving average is $58.71 and its 200-day moving average is $54.84. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. Root has a fifty-two week low of $7.22 and a fifty-two week high of $118.15.

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

Insider Activity at Root

In related news, Director Julie Szudarek sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $96.33, for a total value of $192,660.00. Following the sale, the director now owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Meyer Malka sold 75,839 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $81.21, for a total value of $6,158,885.19. Following the transaction, the insider now owns 43,107 shares of the company’s stock, valued at approximately $3,500,719.47. The trade was a 63.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 246,905 shares of company stock valued at $20,440,479. Corporate insiders own 11.71% of the company’s stock.

Institutional Investors Weigh In On Root

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new position in Root in the third quarter worth approximately $33,000. MetLife Investment Management LLC increased its stake in shares of Root by 129.1% during the 3rd 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 during the last quarter. Versor Investments LP bought a new position in shares of Root during the 3rd quarter valued at $216,000. Franklin Resources Inc. acquired a new stake in shares of Root in the 3rd quarter valued at $249,000. Finally, Algert Global LLC bought a new stake in Root in the second quarter worth $288,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ROOT has been the topic of several recent research reports. Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Jefferies Financial Group lowered their price objective on shares of Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. UBS Group increased their target price on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Finally, Wells Fargo & Company lifted their price target on shares of Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $59.13.

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.