Bayforest Capital Ltd Takes $361,000 Position in Root, Inc. $ROOT

Key Points

• Bayforest Capital Ltd has acquired a stake in Root, Inc. valued at approximately $361,000, purchasing 2,707 shares during the first quarter.
• The company posted earnings of $1.29 per share, exceeding analysts' expectations of $1.06, with revenue increasing by 32.4% compared to the previous year.
• Root's stock price has fluctuated significantly, with a fifty-two week range between $34.04 and $181.14, currently opening at $95.18.

Bayforest Capital Ltd bought a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,707 shares of the company's stock, valued at approximately $361,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Root by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company's stock valued at $686,000 after buying an additional 229 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Root by 122.2% during the 1st quarter. AQR Capital Management LLC now owns 10,229 shares of the company's stock valued at $1,365,000 after purchasing an additional 5,626 shares during the last quarter. Twin Tree Management LP bought a new stake in shares of Root during the 1st quarter valued at approximately $37,000. Driehaus Capital Management LLC bought a new stake in shares of Root during the 1st quarter valued at approximately $20,423,000. Finally, Landscape Capital Management L.L.C. grew its holdings in shares of Root by 242.7% during the 1st quarter. Landscape Capital Management L.L.C. now owns 96,471 shares of the company's stock valued at $12,873,000 after purchasing an additional 68,321 shares during the last quarter. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Root Trading Down 3.2%

ROOT opened at $95.18 on Thursday. Root, Inc. has a fifty-two week low of $34.04 and a fifty-two week high of $181.14. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 19.00 and a beta of 2.24. The company's 50 day moving average price is $106.37 and its two-hundred day moving average price is $125.47.

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, topping 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 firm had revenue of $382.90 million for the quarter, compared to analyst estimates of $348.36 million. During the same period in the previous year, the firm posted ($0.52) EPS. The company's revenue for the quarter was up 32.4% compared to the same quarter last year. As a group, research analysts predict that Root, Inc. will post -0.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Mahtiyar Bonakdarpour sold 5,750 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $89.74, for a total value of $516,005.00. Following the sale, the insider directly owned 274,226 shares of the company's stock, valued at approximately $24,609,041.24. This represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Alexander E. Timm sold 10,861 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $88.88, for a total transaction of $965,325.68. Following the completion of the sale, the chief executive officer directly owned 157,748 shares in the company, valued at approximately $14,020,642.24. This represents a 6.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 11.76% of the company's stock.

Wall Street Analyst Weigh In

ROOT has been the topic of several research reports. TD Cowen lifted their price target on shares of Root from $51.00 to $125.00 and gave the company a "hold" rating in a report on Tuesday, July 8th. Zacks Research lowered shares of Root from a "strong-buy" rating to a "hold" rating in a report on Monday. Jefferies Financial Group decreased their price target 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. Keefe, Bruyette & Woods decreased their price target 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. Finally, Wall Street Zen lowered shares of Root from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average 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.

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