CreativeOne Wealth LLC Invests $2.50 Million in Root, Inc. $ROOT

Key Points

• CreativeOne Wealth LLC acquired a new stake of approximately $2.5 million in Root, Inc. during the first quarter, holding about 0.12% of the company's stock.
• Several institutional investors, including T. Rowe Price and Invesco, significantly increased their stakes in Root, with T. Rowe Price raising its position by 66.3%.
• Analysts maintain a consensus rating of "Hold"** for Root, with price targets varying from $120 to $172, reflecting differing views on the company's potential growth.

CreativeOne Wealth LLC bought a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,706 shares of the company's stock, valued at approximately $2,496,000. CreativeOne Wealth LLC owned 0.12% of Root at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. California State Teachers Retirement System boosted its position in shares of Root by 12.0% during the fourth quarter. California State Teachers Retirement System now owns 7,477 shares of the company's stock worth $543,000 after buying an additional 801 shares during the period. Mariner LLC acquired a new position in shares of Root during the fourth quarter worth about $217,000. Kingswood Wealth Advisors LLC acquired a new position in shares of Root during the first quarter worth about $220,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Root during the fourth quarter worth about $417,000. Finally, Barclays PLC boosted its position in shares of Root by 9.4% during the fourth quarter. Barclays PLC now owns 15,358 shares of the company's stock worth $1,115,000 after buying an additional 1,325 shares during the period. 59.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ROOT has been the subject of several recent research reports. Jefferies Financial Group reduced their price objective on Root from $172.00 to $138.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Keefe, Bruyette & Woods reduced their price objective on Root from $170.00 to $165.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Wall Street Zen cut Root from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. UBS Group reissued a "neutral" rating and set a $105.00 price target (down from $140.00) on shares of Root in a research report on Monday, August 18th. Finally, Wells Fargo & Company increased their price target on Root from $118.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Root currently has a consensus rating of "Hold" and an average target price of $123.83.

Root Stock Performance

NASDAQ:ROOT traded up $0.46 on Wednesday, hitting $89.26. The company's stock had a trading volume of 101,884 shares, compared to its average volume of 554,490. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.82. The stock has a fifty day moving average of $110.10 and a two-hundred day moving average of $126.47. The firm has a market capitalization of $1.38 billion, a P/E ratio of 17.79 and a beta of 2.24. Root, Inc. has a one year low of $34.04 and a one year high of $181.14.

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

Insider Buying and Selling at Root

In other Root news, Director Julie Szudarek sold 2,790 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $133.80, for a total value of $373,302.00. Following the sale, the director owned 13,332 shares in the company, valued at $1,783,821.60. This represents a 17.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jerri Devard sold 1,895 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director owned 18,532 shares in the company, valued at $2,622,278. This represents a 9.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,537 shares of company stock worth $1,035,962 over the last 90 days. Company insiders own 11.71% of the company's stock.

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.