Root, Inc. (NASDAQ:ROOT) Sees Significant Increase in Short Interest

Root, Inc. (NASDAQ:ROOT) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 1,580,000 shares, a growth of 33.9% from the December 15th total of 1,180,000 shares. Based on an average trading volume of 681,700 shares, the short-interest ratio is currently 2.3 days.

Insider Activity at Root

In other news, major shareholder Meyer Malka sold 50,959 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $84.78, for a total value of $4,320,304.02. Following the sale, the insider now directly owns 102 shares of the company’s stock, valued at approximately $8,647.56. This represents a 99.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Julie Szudarek sold 2,000 shares of Root stock in a transaction on Monday, November 18th. The stock was sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now directly owns 15,003 shares of the company’s stock, valued at $1,445,238.99. This represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,905 shares of company stock worth $20,440,479 over the last ninety days. Insiders own 11.71% of the company’s stock.

Institutional Trading of Root

Several institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new stake in Root in the 3rd quarter worth about $33,000. Wesbanco Bank Inc. bought a new position in shares of Root in the fourth quarter valued at approximately $218,000. MetLife Investment Management LLC lifted its holdings in Root by 129.1% during the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after acquiring an additional 2,889 shares during the period. Algert Global LLC purchased a new position in Root in the second quarter worth $288,000. Finally, Versor Investments LP bought a new position in Root in the 3rd quarter valued at $216,000. Institutional investors own 59.82% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ROOT. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $90.00 target price (up from $82.00) on shares of Root in a report on Tuesday, November 5th. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research note on Thursday, October 3rd. Citizens Jmp lowered shares of Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. UBS Group raised their price target on shares of Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Finally, JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $59.38.

Root Stock Down 3.4 %

Shares of NASDAQ ROOT traded down $3.02 during mid-day trading on Friday, reaching $85.31. 273,093 shares of the company’s stock traded hands, compared to its average volume of 367,313. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. Root has a 1-year low of $7.22 and a 1-year high of $118.15. The stock has a market cap of $1.29 billion, a P/E ratio of -69.36 and a beta of 2.55. The business has a 50-day simple moving average of $84.54 and a 200 day simple moving average of $62.11.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of ($0.61) by $1.96. The firm had revenue of $305.70 million during the quarter, compared to analyst estimates of $272.77 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company’s revenue for the quarter was up 165.1% on a year-over-year basis. During the same period in the previous year, the company posted ($3.16) EPS. On average, analysts expect that Root will post -1.2 EPS for the current fiscal year.

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.