Root, Inc. (NASDAQ:ROOT) Shares Bought by Bank of America Corp DE

Bank of America Corp DE raised its position in Root, Inc. (NASDAQ:ROOT - Free Report) by 20.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,598 shares of the company's stock after buying an additional 10,026 shares during the period. Bank of America Corp DE owned about 0.39% of Root worth $4,254,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ROOT. Rhumbline Advisers raised its position in shares of Root by 27.7% in the fourth quarter. Rhumbline Advisers now owns 14,628 shares of the company's stock valued at $1,062,000 after buying an additional 3,169 shares during the last quarter. Mariner LLC acquired a new stake in shares of Root in the fourth quarter valued at about $217,000. Bank of New York Mellon Corp raised its position in shares of Root by 36.0% in the fourth quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company's stock valued at $1,774,000 after buying an additional 6,465 shares during the last quarter. Swiss National Bank raised its position in shares of Root by 15.6% in the fourth quarter. Swiss National Bank now owns 15,600 shares of the company's stock valued at $1,132,000 after buying an additional 2,100 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Root in the fourth quarter valued at about $417,000. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Root Trading Up 3.5%

Shares of NASDAQ ROOT traded up $4.44 during mid-day trading on Friday, reaching $129.76. 349,390 shares of the company's stock were exchanged, compared to its average volume of 514,117. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -105.50 and a beta of 2.40. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. Root, Inc. has a 52-week low of $34.04 and a 52-week high of $181.14. The company's 50-day moving average is $133.51 and its 200-day moving average is $112.99.

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

Analyst Ratings Changes

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

Insider Activity

In other Root news, major shareholder Meyer Malka sold 225,000 shares of the business's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $135.81, for a total transaction of $30,557,250.00. Following the sale, the insider now directly owns 503,800 shares in the company, valued at approximately $68,421,078. The trade was a 30.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Doug Ulman sold 2,000 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the sale, the director now owns 6,201 shares in the company, valued at approximately $1,085,175. The trade was a 24.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 233,659 shares of company stock valued at $31,748,719. Company insiders own 11.76% of the company's stock.

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.