Centiva Capital LP Invests $354,000 in Root, Inc. (NASDAQ:ROOT)

Centiva Capital LP bought a new position in Root, Inc. (NASDAQ:ROOT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 4,876 shares of the company's stock, valued at approximately $354,000.

Several other hedge funds also recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in Root by 20.6% in the fourth quarter. Bank of America Corp DE now owns 58,598 shares of the company's stock worth $4,254,000 after acquiring an additional 10,026 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Root during the 4th quarter valued at approximately $3,834,000. Algert Global LLC boosted its position in Root by 294.2% during the 4th quarter. Algert Global LLC now owns 27,920 shares of the company's stock valued at $2,027,000 after purchasing an additional 20,837 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in Root during the 4th quarter worth $523,000. Finally, Northern Trust Corp increased its position in Root by 6.5% in the fourth quarter. Northern Trust Corp now owns 75,159 shares of the company's stock worth $5,456,000 after buying an additional 4,607 shares during the period. Institutional investors and hedge funds own 59.82% of the company's stock.

Root Trading Down 3.9%

NASDAQ ROOT traded down $5.49 on Thursday, hitting $135.71. 368,816 shares of the company were exchanged, compared to its average volume of 512,635. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The firm has a market capitalization of $2.06 billion, a P/E ratio of -110.33 and a beta of 2.40. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14. The company's 50 day moving average price is $138.12 and its 200-day moving average price is $107.58.

Root (NASDAQ:ROOT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.62. The company had revenue of $349.40 million for the quarter, compared to the consensus estimate of $305.24 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The company's revenue was up 37.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.42) EPS. Analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ROOT. Scotiabank restated a "sector perform" rating on shares of Root in a research note on Sunday, March 2nd. Keefe, Bruyette & Woods upped their price target on shares of Root from $150.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. UBS Group lifted their price objective on shares of Root from $67.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, March 7th. Wells Fargo & Company increased their target price on shares of Root from $105.00 to $142.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Finally, Jefferies Financial Group raised their target price on shares of Root from $115.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $122.17.

Insider Activity

In other Root news, major shareholder Meyer Malka sold 225,000 shares of the stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $135.81, for a total transaction of $30,557,250.00. Following the transaction, the insider now directly owns 503,800 shares of the company's stock, valued at $68,421,078. This represents a 30.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the completion of the transaction, the insider now directly owns 286,901 shares in the company, valued at $35,799,506.78. The trade was a 1.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 233,659 shares of company stock worth $31,748,719 in the last 90 days. Company insiders own 11.76% of the company's stock.

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.