Renaissance Technologies LLC reduced its position in Root, Inc. (NASDAQ:ROOT – Free Report) by 5.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 238,781 shares of the company’s stock after selling 13,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Root were worth $10,547,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its position in Root by 511.7% during the second quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after acquiring an additional 614 shares during the period. Advisory Services Network LLC purchased a new position in shares of Root in the 3rd quarter worth about $144,000. Tower Research Capital LLC TRC raised its holdings in shares of Root by 237.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock worth $164,000 after purchasing an additional 899 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Root in the 3rd quarter valued at about $194,000. Finally, SBI Securities Co. Ltd. lifted its stake in shares of Root by 181.8% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,728 shares of the company’s stock valued at $197,000 after purchasing an additional 1,760 shares in the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.
Analyst Upgrades and Downgrades
ROOT has been the subject of a number of research analyst reports. UBS Group set a $50.00 target price on shares of Root and gave the stock a “neutral” rating in a research report on Monday, May 11th. TD Cowen reaffirmed a “hold” rating on shares of Root in a research report on Wednesday, June 17th. Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Weiss Ratings raised shares of Root from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. Finally, Wells Fargo & Company raised their target price on shares of Root from $58.00 to $61.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Root currently has an average rating of “Hold” and a consensus target price of $86.00.
Root Price Performance
ROOT stock opened at $54.15 on Friday. The firm has a market cap of $857.19 million, a P/E ratio of 16.21 and a beta of 2.85. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.07 and a current ratio of 1.07. Root, Inc. has a 1 year low of $40.91 and a 1 year high of $129.53. The stock has a 50-day simple moving average of $56.98 and a 200-day simple moving average of $55.83.
Root (NASDAQ:ROOT – Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $2.09 EPS for the quarter, topping the consensus estimate of $0.84 by $1.25. The firm had revenue of $393.50 million for the quarter, compared to analyst estimates of $398.16 million. Root had a return on equity of 19.97% and a net margin of 3.58%.Root’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 EPS. On average, equities analysts predict that Root, Inc. will post 3.28 earnings per share for the current fiscal year.
Root Company Profile
Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.
The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.
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