Root, Inc. $ROOT Position Boosted by Invesco Ltd.

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 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. The firm owned 256,792 shares of the company's stock after buying 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 filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. California State Teachers Retirement System raised its position in shares of Root by 12.0% in the 4th 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 purchased a new position in shares of Root in the 4th quarter worth $217,000. Kingswood Wealth Advisors LLC purchased a new position in shares of Root in the 1st quarter worth $220,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Root in the 4th quarter worth $417,000. Finally, Barclays PLC raised its position in shares of Root by 9.4% in 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. 59.82% of the stock is owned by hedge funds and other institutional investors.

Root Stock Up 3.3%

NASDAQ ROOT traded up $2.92 during trading hours on Friday, hitting $91.01. The company had a trading volume of 602,892 shares, compared to its average volume of 756,125. Root, Inc. has a fifty-two week low of $34.04 and a fifty-two week high of $181.14. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 18.17 and a beta of 2.25. 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's 50 day moving average is $116.62 and its 200 day moving average is $127.92.

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

Analyst Ratings Changes

Several research analysts recently weighed in on ROOT shares. Wells Fargo & Company increased their target price on Root from $118.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. UBS Group reiterated a "neutral" rating and issued a $105.00 price target (down from $140.00) on shares of Root in a report on Monday, August 18th. Jefferies Financial Group lowered their price target on Root from $172.00 to $138.00 and set a "buy" rating for the company in a report on Monday, August 11th. Wall Street Zen downgraded Root from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods lowered their price target on Root from $170.00 to $165.00 and set an "outperform" rating for the company in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Root presently has an average rating of "Hold" and an average price target of $123.83.

Insider Activity at Root

In other news, Director Jerri Devard sold 1,895 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $141.50, for a total transaction of $268,142.50. Following the completion of the sale, the director directly owned 18,532 shares in the company, valued at $2,622,278. This trade represents a 9.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mahtiyar Bonakdarpour sold 5,256 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $130.60, for a total value of $686,433.60. Following the sale, the insider owned 281,645 shares of the company's stock, valued at $36,782,837. This represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,083 shares of company stock valued at $2,805,069. 11.76% of the stock is currently owned by insiders.

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.