Root (NASDAQ:ROOT) Shares Gap Down After Insider Selling

Root, Inc. (NASDAQ:ROOT) gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $151.11, but opened at $146.29. Root shares last traded at $145.06, with a volume of 212,584 shares trading hands.

Specifically, Director Doug Ulman sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now owns 6,201 shares in the company, valued at $1,085,175. This trade represents a 24.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

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

Root Stock Down 3.6 %

The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm has a market cap of $2.22 billion, a P/E ratio of -117.93 and a beta of 2.48. The stock’s fifty day moving average is $119.17 and its two-hundred day moving average is $84.13.

Root (NASDAQ:ROOT) last posted its earnings results on Wednesday, February 26th. The company reported $1.30 EPS 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 analysts’ expectations of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. As a group, research analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current year.

Institutional Investors Weigh In On Root

Several hedge funds have recently bought and sold shares of the stock. FMR LLC raised its position in shares of Root by 966.2% during the 3rd quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after buying an additional 16,348 shares in the last quarter. Barclays PLC boosted its holdings in shares of Root by 361.6% in the 3rd quarter. Barclays PLC now owns 14,033 shares of the company’s stock worth $529,000 after purchasing an additional 10,993 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Root by 7.3% in the 4th quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock worth $1,497,000 after purchasing an additional 1,416 shares in the last quarter. Franklin Resources Inc. bought a new position in shares of Root during the 3rd quarter valued at about $249,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Root during the 3rd quarter valued at about $428,000. 59.82% of the stock is currently owned by institutional investors.

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.