Algert Global LLC Lowers Stake in Root, Inc. $ROOT

Key Points

• Algert Global LLC has significantly reduced its stake in Root, Inc. by 77.3%, now holding 6,330 shares after selling 21,590 shares in the first quarter.
• In the latest quarterly earnings report, Root, Inc. reported $1.29 earnings per share, exceeding analysts' expectations of $1.06, alongside a 32.4% year-over-year revenue increase.
• Several hedge funds have recently changed their positions in Root, with Russell Investments Group increasing its stake by 651.8%, indicating growing institutional interest despite Algert's reduction.

Algert Global LLC lowered its stake in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 77.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,330 shares of the company's stock after selling 21,590 shares during the period. Algert Global LLC's holdings in Root were worth $845,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its position in shares of Root by 651.8% during the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock worth $31,000 after purchasing an additional 365 shares during the period. KBC Group NV purchased a new position in shares of Root during the 1st quarter worth approximately $48,000. Aquatic Capital Management LLC boosted its position in shares of Root by 92.1% during the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company's stock worth $112,000 after purchasing an additional 737 shares during the period. Blueshift Asset Management LLC acquired a new stake in Root during the 1st quarter worth approximately $204,000. Finally, Mariner LLC acquired a new stake in Root during the 4th quarter worth approximately $217,000. Hedge funds and other institutional investors own 59.82% of the company's stock.

Root Price Performance

Shares of ROOT opened at $91.01 on Friday. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14. The firm's fifty day simple moving average is $116.62 and its 200-day simple moving average is $127.92. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 18.17 and a beta of 2.25. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.82.

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ROOT. UBS Group reiterated a "neutral" rating and set a $105.00 target price (down from $140.00) on shares of Root in a report on Monday, August 18th. Keefe, Bruyette & Woods reduced their target price on shares of Root from $170.00 to $165.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. TD Cowen increased their target price on shares of Root from $51.00 to $125.00 and gave the stock a "hold" rating in a report on Tuesday, July 8th. Wall Street Zen lowered shares of Root from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Jefferies Financial Group reduced their target price on shares of Root from $172.00 to $138.00 and set a "buy" rating on the stock in a report 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 assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $123.83.

Insiders Place Their Bets

In other news, Director Jerri Devard sold 1,895 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were 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 approximately $2,622,278. This trade represents a 9.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Beth A. Birnbaum sold 2,852 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $138.33, for a total transaction of $394,517.16. Following the completion of the sale, the director owned 14,280 shares in the company, valued at $1,975,352.40. The trade was a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,083 shares of company stock worth $2,805,069. 11.76% of the stock is currently owned by insiders.

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.

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