Invesco Ltd. Purchases 252,267 Shares of Root, Inc. $ROOT

Key Points

• Invesco Ltd. significantly increased its ownership in Root, Inc., acquiring 252,267 shares and bringing its total stake to 256,792 shares, valued at approximately $34.27 million.
• Root, Inc. reported a quarterly earnings per share of $1.29, surpassing analysts' expectations and demonstrating a 32.4% increase in revenue compared to the previous year.
• The stock has received various ratings from analysts, with a current consensus rating of "Hold" and an average target price of $123.83, reflecting mixed sentiment regarding its future performance.

Invesco Ltd. increased its position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 5,575.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 256,792 shares of the company's stock after acquiring an additional 252,267 shares during the quarter. Invesco Ltd. owned about 1.69% of Root worth $34,266,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. California State Teachers Retirement System boosted its stake in Root by 12.0% during the 4th quarter. California State Teachers Retirement System now owns 7,477 shares of the company's stock worth $543,000 after acquiring an additional 801 shares during the last quarter. Mariner LLC bought a new position in Root during the 4th quarter worth approximately $217,000. Kingswood Wealth Advisors LLC bought a new position in Root during the 1st quarter worth approximately $220,000. Price T Rowe Associates Inc. MD acquired a new stake in Root during the 4th quarter worth approximately $417,000. Finally, Barclays PLC raised its holdings in Root by 9.4% during the 4th 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. Institutional investors own 59.82% of the company's stock.

Root Price Performance

NASDAQ ROOT opened at $88.05 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.82. Root, Inc. has a 12-month low of $34.04 and a 12-month high of $181.14. The company has a market capitalization of $1.36 billion, a PE ratio of 17.57 and a beta of 2.25. The firm's 50 day moving average is $121.74 and its 200-day moving average is $128.58.

Root (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.29 EPS for the quarter, beating analysts' consensus estimates of $1.06 by $0.23. The firm had revenue of $382.90 million during the quarter, compared to analysts' expectations of $348.36 million. Root had a net margin of 6.02% and a return on equity of 38.24%. The company's revenue for the quarter was up 32.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.52) earnings per share. Equities research analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ROOT has been the topic of several research analyst reports. UBS Group restated a "neutral" rating and set a $105.00 target price (down from $140.00) on shares of Root in a report on Monday. Wells Fargo & Company raised their target price 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. Wall Street Zen downgraded shares of Root from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Keefe, Bruyette & Woods dropped their target price 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, TD Cowen raised their target price on shares of Root from $51.00 to $125.00 and gave the stock a "hold" rating in a report on Tuesday, July 8th. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Root currently has a consensus rating of "Hold" and an average target price of $123.83.

Insiders Place Their Bets

In other Root news, CEO Alexander E. Timm sold 8,290 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $130.60, for a total value of $1,082,674.00. Following the sale, the chief executive officer owned 168,609 shares in the company, valued at $22,020,335.40. This represents a 4.69% 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 Beth A. Birnbaum sold 2,852 shares of Root stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $138.33, for a total value of $394,517.16. Following the transaction, the director owned 14,280 shares of the company's stock, valued at $1,975,352.40. This represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,083 shares of company stock worth $2,805,069 in the last three months. 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.

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