Goldman Sachs Group Inc. Has $4.60 Million Stock Position in Root, Inc. $ROOT

Key Points

• Goldman Sachs Group Inc. reduced its stake in Root, Inc. by 46.2%, owning approximately $4.6 million worth of the company's stock after selling nearly 30,000 shares in the first quarter.
• Several other hedge funds have also initiated positions in Root, with institutional investors collectively owning 59.82% of the company’s stock.
• Root reported earnings of $1.29 per share, exceeding expectations, and a revenue increase of 32.4% year-over-year, highlighting strong financial performance.

Goldman Sachs Group Inc. trimmed its position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 46.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,470 shares of the company's stock after selling 29,547 shares during the period. Goldman Sachs Group Inc. owned 0.22% of Root worth $4,600,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ROOT. Twin Tree Management LP acquired a new stake in shares of Root in the 1st quarter worth approximately $37,000. KBC Group NV acquired a new stake in shares of Root in the 1st quarter worth approximately $48,000. Blueshift Asset Management LLC acquired a new stake in shares of Root in the 1st quarter worth approximately $204,000. Kingswood Wealth Advisors LLC acquired a new stake in shares of Root in the 1st quarter worth approximately $220,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Root in the 1st quarter worth approximately $225,000. 59.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Root Trading Up 1.5%

Shares of NASDAQ:ROOT traded up $1.51 during mid-day trading on Friday, hitting $102.48. The stock had a trading volume of 916,904 shares, compared to its average volume of 415,105. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market cap of $1.58 billion, a PE ratio of 20.46 and a beta of 2.24. Root, Inc. has a 12-month low of $36.87 and a 12-month high of $181.14. The company's 50 day moving average is $103.23 and its 200-day moving average is $124.65.

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

Wall Street Analysts Forecast Growth

ROOT has been the subject of a number of research analyst reports. UBS Group reaffirmed a "neutral" rating and issued a $105.00 price target (down from $140.00) on shares of Root in a research note on Monday, August 18th. Zacks Research lowered shares of Root from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. TD Cowen increased their target price on shares of Root from $51.00 to $125.00 and gave the company a "hold" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods cut their target price on shares of Root from $170.00 to $165.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Wall Street Zen lowered shares of Root from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $123.83.

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.