Nuveen LLC Makes New $3.83 Million Investment 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 stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 28,662 shares of the company's stock, valued at approximately $3,825,000. Nuveen LLC owned about 0.19% of Root at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. KBC Group NV purchased a new stake in Root in the 1st quarter valued at $48,000. Aquatic Capital Management LLC raised its position in Root by 92.1% in the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company's stock valued at $112,000 after purchasing an additional 737 shares during the last quarter. Blueshift Asset Management LLC purchased a new stake in Root in the 1st quarter valued at $204,000. Mariner LLC purchased a new stake in Root in the 4th quarter valued at $217,000. Finally, Kingswood Wealth Advisors LLC purchased a new stake in Root in the 1st quarter valued at $220,000. Hedge funds and other institutional investors own 59.82% of the company's stock.

Insider Buying and Selling at Root

In other Root news, Director Julie Szudarek sold 2,790 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $133.80, for a total transaction of $373,302.00. Following the completion of the transaction, the director directly owned 13,332 shares in the company, valued at approximately $1,783,821.60. This trade represents a 17.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jerri Devard sold 1,895 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $141.50, for a total transaction of $268,142.50. Following the transaction, the director owned 18,532 shares of the company's stock, valued at $2,622,278. This trade 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 sold 7,537 shares of company stock worth $1,035,962. 11.71% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ROOT has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Root from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company raised their target price on shares of Root from $118.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. TD Cowen raised their target price on shares of Root from $51.00 to $125.00 and gave the stock a "hold" rating in a research note on Tuesday, July 8th. UBS Group restated a "neutral" rating and issued a $105.00 target price (down previously from $140.00) on shares of Root in a research note on Monday, August 18th. Finally, Jefferies Financial Group reduced their target price on shares of Root from $172.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $123.83.

Root Price Performance

NASDAQ:ROOT traded down $3.42 during mid-day trading on Tuesday, hitting $88.80. 346,320 shares of the company's stock traded hands, compared to its average volume of 758,182. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.26 and a current ratio of 1.26. The firm's 50 day simple moving average is $110.10 and its 200 day simple moving average is $126.47. Root, Inc. has a 1 year low of $34.04 and a 1 year high of $181.14. The company has a market cap of $1.37 billion, a PE ratio of 17.72 and a beta of 2.24.

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

Root 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.