Bayforest Capital Ltd Makes New $361,000 Investment in Root, Inc. (NASDAQ:ROOT)

Key Points

• Bayforest Capital Ltd has acquired 2,707 shares of Root, Inc., valued at approximately $361,000, during the first quarter.
• Multiple hedge funds, including Vanguard Group Inc., increased their stakes in Root, with institutional investors owning 59.82% of the company's stock.
• Analysts have set a consensus price target of $130.50 for Root, with ratings including six holds, three buys, and one strong buy.

Bayforest Capital Ltd acquired a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,707 shares of the company's stock, valued at approximately $361,000.

A number of other institutional investors have also modified their holdings of ROOT. Russell Investments Group Ltd. increased its position in Root by 651.8% during the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock worth $31,000 after buying an additional 365 shares during the period. KBC Group NV purchased a new stake in Root in the first quarter valued at approximately $48,000. KLP Kapitalforvaltning AS purchased a new stake in Root in the fourth quarter valued at approximately $94,000. Aquatic Capital Management LLC lifted its stake in Root by 92.1% in the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company's stock valued at $112,000 after buying an additional 737 shares during the last quarter. Finally, Mariner LLC purchased a new stake in Root in the fourth quarter valued at approximately $217,000. 59.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ROOT shares. Wall Street Zen cut Root from a "buy" rating to a "hold" rating in a research report on Saturday. Keefe, Bruyette & Woods boosted their target price on Root from $150.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Jefferies Financial Group boosted their target price on Root from $115.00 to $150.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. TD Cowen boosted their target price on Root from $51.00 to $125.00 and gave the stock a "hold" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company decreased their price target on Root from $142.00 to $118.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 10th. Seven research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $130.50.

Root Price Performance

ROOT stock traded down $4.31 on Friday, reaching $116.72. The company had a trading volume of 402,088 shares, compared to its average volume of 348,230. 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 $1.79 billion, a P/E ratio of 36.48 and a beta of 2.26. The company's fifty day moving average is $130.01 and its 200 day moving average is $127.06. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.26 and a current ratio of 1.26.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.62. Root had a return on equity of 27.33% and a net margin of 4.11%. The business had revenue of $349.40 million during the quarter, compared to the consensus estimate of $305.24 million. During the same period in the prior year, the firm posted ($0.42) EPS. The business's revenue for the quarter was up 37.2% on a year-over-year basis. On average, research analysts forecast that Root, Inc. will post -0.08 earnings per share for the current year.

Insider Transactions at Root

In other news, Director Beth A. Birnbaum sold 2,852 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $138.33, for a total transaction of $394,517.16. Following the completion of the sale, the director directly owned 14,280 shares in the company, valued at $1,975,352.40. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Julie Szudarek sold 2,790 shares of Root stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $133.80, for a total value of $373,302.00. Following the completion of the transaction, the director owned 13,332 shares of the company's stock, valued at $1,783,821.60. This trade represents a 17.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,083 shares of company stock worth $2,805,069 in the last quarter. 11.76% of the stock is owned by corporate insiders.

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.