Headlands Technologies LLC Buys New Shares in Root, Inc. (NASDAQ:ROOT)

Key Points

• Headlands Technologies LLC acquired 9,450 shares of Root, Inc. valued at approximately $1.26 million, representing a 0.06% ownership stake in the company.
• Corporate insiders sold a total of 21,083 shares valued at $2.8 million in the last quarter, leading to a decline in their ownership stakes.
• Root, Inc. reported revenue growth of 32.4% year-over-year, with earnings per share of $1.29 for the recent quarter, exceeding analyst estimates.

Headlands Technologies LLC bought 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. The fund bought 9,450 shares of the company's stock, valued at approximately $1,261,000. Headlands Technologies LLC owned approximately 0.06% of Root at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Root by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company's stock worth $357,000 after buying an additional 171 shares during the last quarter. MetLife Investment Management LLC raised its holdings in Root by 5.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,382 shares of the company's stock worth $391,000 after buying an additional 255 shares during the last quarter. Legal & General Group Plc raised its holdings in Root by 3.6% during the fourth quarter. Legal & General Group Plc now owns 7,955 shares of the company's stock worth $577,000 after buying an additional 273 shares during the last quarter. KBC Group NV acquired a new position in Root during the first quarter worth $48,000. Finally, Russell Investments Group Ltd. raised its holdings 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 last quarter. 59.82% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Mahtiyar Bonakdarpour sold 5,256 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $130.60, for a total value of $686,433.60. Following the completion of the transaction, the insider directly owned 281,645 shares in the company, valued at approximately $36,782,837. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Beth A. Birnbaum sold 2,852 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $138.33, for a total transaction of $394,517.16. Following the completion of the transaction, the director owned 14,280 shares of the company's stock, valued at $1,975,352.40. This trade represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,083 shares of company stock valued at $2,805,069 in the last three months. Insiders own 11.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ROOT shares. TD Cowen upped their price objective on shares of Root from $51.00 to $125.00 and gave the stock a "hold" rating in a report on Tuesday, July 8th. Jefferies Financial Group lowered their price objective on shares of Root from $172.00 to $138.00 and set a "buy" rating on the stock in a report on Monday. Keefe, Bruyette & Woods lowered their price objective on shares of Root from $170.00 to $165.00 and set an "outperform" rating on the stock in a report on Friday. Wells Fargo & Company upped their price objective on shares of Root from $118.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Finally, Wall Street Zen lowered shares of Root from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Seven research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Root currently has a consensus rating of "Hold" and a consensus price target of $128.00.

Root Stock Performance

ROOT stock traded down $1.30 during midday trading on Tuesday, reaching $87.09. 360,383 shares of the company's stock traded hands, compared to its average volume of 558,284. The company has a 50-day moving average price of $127.04 and a two-hundred day moving average price of $128.57. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.26 and a current ratio of 1.26. Root, Inc. has a 52 week low of $34.04 and a 52 week high of $181.14. The firm has a market capitalization of $1.34 billion, a PE ratio of 17.34 and a beta of 2.25.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.29 EPS for the quarter, beating 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 company had revenue of $382.90 million during the quarter, compared to analyst estimates of $348.36 million. During the same period last year, the business earned ($0.52) earnings per share. Root's revenue was up 32.4% compared to the same quarter last year. As a group, equities analysts anticipate that Root, Inc. will post -0.08 EPS for the current year.

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.