Nuveen LLC Invests $3.83 Million in Root, Inc. $ROOT

Key Points

• Nuveen LLC acquired new shares of Root, Inc., purchasing 28,662 shares valued at approximately $3.8 million, indicating growing institutional interest in the company.
• Root, Inc. reported a quarterly earnings per share of $1.29, surpassing analysts' expectations of $1.06, with revenues increasing by 32.4% year-over-year.
• Analysts have mixed ratings on Root, with a consensus of "Hold" and price targets ranging from $51.00 to $165.00, reflecting varying confidence in the stock's future performance.

Nuveen LLC purchased a new position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 28,662 shares of the company's stock, valued at approximately $3,825,000. Nuveen LLC owned approximately 0.19% of Root at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. KBC Group NV acquired a new position in shares of Root during the first quarter worth $48,000. Aquatic Capital Management LLC increased its position in shares of Root by 92.1% during the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company's stock worth $112,000 after purchasing an additional 737 shares in the last quarter. Blueshift Asset Management LLC acquired a new position in shares of Root during the first quarter worth $204,000. Mariner LLC acquired a new position in shares of Root during the fourth quarter worth $217,000. Finally, Kingswood Wealth Advisors LLC acquired a new position in shares of Root during the first quarter worth $220,000. 59.82% of the stock is owned by institutional investors and hedge funds.

Root Stock Performance

Shares of NASDAQ ROOT traded up $1.96 during mid-day trading on Monday, hitting $92.22. The stock had a trading volume of 445,450 shares, compared to its average volume of 775,560. The company has a 50 day moving average of $111.78 and a two-hundred day moving average of $126.99. The firm has a market cap of $1.42 billion, a PE ratio of 18.41 and a beta of 2.24. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.26 and a current ratio of 1.26. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14.

Root (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.23. The company had revenue of $382.90 million for the quarter, compared to the consensus estimate of $348.36 million. Root had a return on equity of 38.24% and a net margin of 6.02%.The firm's revenue for the quarter was up 32.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.52) EPS. Research analysts predict that Root, Inc. will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Root news, Director Julie Szudarek sold 2,790 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $133.80, for a total transaction of $373,302.00. Following the sale, the director directly owned 13,332 shares of the company's stock, valued at approximately $1,783,821.60. This trade represents a 17.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerri Devard sold 1,895 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $141.50, for a total value of $268,142.50. Following the sale, the director directly owned 18,532 shares in the company, valued at $2,622,278. This represents a 9.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,537 shares of company stock valued at $1,035,962. Company insiders own 11.76% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wall Street Zen downgraded Root from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Jefferies Financial Group cut their target price on Root from $172.00 to $138.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. TD Cowen upped their target price on Root from $51.00 to $125.00 and gave the company a "hold" rating in a research report on Tuesday, July 8th. Wells Fargo & Company upped their target price on Root from $118.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, UBS Group reissued a "neutral" rating and issued a $105.00 target price (down from $140.00) on shares of Root in a research report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $123.83.

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.