Tidal Investments LLC Purchases New Holdings in Root, Inc. (NASDAQ:ROOT)

Tidal Investments LLC purchased a new stake in Root, Inc. (NASDAQ:ROOT) in the 1st quarter, HoldingsChannel reports. The institutional investor purchased 32,700 shares of the company’s stock, valued at approximately $1,997,000.

Several other institutional investors have also made changes to their positions in the stock. Jump Financial LLC bought a new stake in Root during the fourth quarter worth $234,000. Sequoia Financial Advisors LLC acquired a new position in shares of Root during the first quarter worth $293,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Root by 37.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after buying an additional 9,390 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Root during the first quarter worth $431,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of Root during the first quarter worth $434,000. 59.82% of the stock is currently owned by institutional investors.

Root Stock Performance

Shares of ROOT stock traded down $2.09 on Friday, reaching $55.65. 34,461 shares of the company were exchanged, compared to its average volume of 544,364. The company has a 50-day moving average of $56.90 and a 200-day moving average of $46.89. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.51 and a quick ratio of 1.51. Root, Inc. has a one year low of $7.22 and a one year high of $86.57.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($2.51) by $2.09. The business had revenue of $254.90 million for the quarter, compared to analysts’ expectations of $203.99 million. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. The firm’s revenue for the quarter was up 263.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($2.88) EPS. As a group, equities analysts anticipate that Root, Inc. will post -4.03 EPS for the current fiscal year.

Insider Buying and Selling at Root

In other news, Director Beth A. Birnbaum sold 1,735 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $43.67, for a total transaction of $75,767.45. Following the completion of the sale, the director now owns 16,013 shares in the company, valued at approximately $699,287.71. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 11.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ROOT shares. TD Cowen increased their price objective on Root from $11.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, June 5th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $80.00 price objective (up from $70.00) on shares of Root in a report on Tuesday, May 7th. Wells Fargo & Company increased their price objective on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, May 1st. Finally, JMP Securities increased their price objective on Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Root currently has a consensus rating of “Hold” and a consensus target price of $41.89.

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.