Root, Inc. (NASDAQ:ROOT) Major Shareholder Meyer Malka Sells 75,839 Shares

Root, Inc. (NASDAQ:ROOT) major shareholder Meyer Malka sold 75,839 shares of Root stock in a transaction dated 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 completion of the transaction, the insider now directly owns 43,107 shares in the company, valued at $3,500,719.47. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Meyer Malka also recently made the following trade(s):

• On Monday, November 11th, Meyer Malka sold 118,107 shares of Root stock. The stock was sold at an average price of $82.71, for a total transaction of $9,768,629.97.
• On Thursday, October 31st, Meyer Malka sold 50,959 shares of Root stock. The shares were sold at an average price of $84.78, for a total transaction of $4,320,304.02.

Root Price Performance

NASDAQ ROOT traded down $6.31 during trading hours on Tuesday, reaching $74.99. The company’s stock had a trading volume of 698,197 shares, compared to its average volume of 551,253. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. Root, Inc. has a 1 year low of $7.22 and a 1 year high of $118.15. The firm’s 50-day moving average price is $45.10 and its 200-day moving average price is $52.08. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -60.97 and a beta of 2.34.

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

Institutional Trading of Root

Institutional investors have recently made changes to their positions in the company. Versor Investments LP purchased a new stake in shares of Root during the third quarter worth approximately $216,000. Algert Global LLC acquired a new position in Root during the 2nd quarter valued at about $288,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of Root by 76.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after acquiring an additional 2,576 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Root during the 3rd quarter worth $412,000. Finally, Quantbot Technologies LP acquired a new stake in Root during the first quarter worth about $431,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Jefferies Financial Group cut their price target on shares of Root from $84.00 to $72.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Wells Fargo & Company lifted their target price on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $90.00 price target (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. Cantor Fitzgerald raised shares of Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, UBS Group upped their price objective on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.