Jump Financial LLC Boosts Stake in Root, Inc. $ROOT

Key Points

• Jump Financial LLC significantly increased its stake in Root, Inc. by 765.2% in the first quarter, owning 105,728 shares valued at approximately $14.1 million.
• Root reported an earnings per share (EPS) of $1.29 for the recent quarter, surpassing expectations, and showed a 32.4% year-over-year increase in revenue of $382.9 million.
• Analyst ratings for Root are mixed, with target prices varying from $51.00 to $170.00, leading to an average rating of "Hold" and a consensus target price of $123.83.

Jump Financial LLC lifted its stake in Root, Inc. (NASDAQ:ROOT - Free Report) by 765.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,728 shares of the company's stock after purchasing an additional 93,508 shares during the period. Jump Financial LLC owned 0.70% of Root worth $14,108,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Root by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company's stock worth $357,000 after purchasing an additional 171 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Root by 5.0% in the 4th 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 period. Legal & General Group Plc boosted its holdings in Root by 3.6% in the 4th 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 period. KBC Group NV bought a new position in Root in the 1st quarter worth $48,000. Finally, Russell Investments Group Ltd. boosted its holdings in Root by 651.8% in the 4th 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 period. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Root Price Performance

NASDAQ:ROOT opened at $91.01 on Friday. 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 company has a market capitalization of $1.41 billion, a P/E ratio of 18.17 and a beta of 2.25. Root, Inc. has a 12 month low of $34.04 and a 12 month high of $181.14. The business's 50-day moving average is $116.62 and its 200 day moving average is $127.92.

Root (NASDAQ:ROOT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.06 by $0.23. The company had revenue of $382.90 million for 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 firm's revenue for the quarter was up 32.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.52) earnings per share. On average, equities research analysts forecast that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Mahtiyar Bonakdarpour sold 5,256 shares of the 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 completion of the transaction, the insider owned 281,645 shares of the company's stock, valued at approximately $36,782,837. This trade represents a 1.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Julie Szudarek sold 2,790 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $133.80, for a total transaction of $373,302.00. Following the completion of the transaction, the director directly owned 13,332 shares of the company's stock, valued at approximately $1,783,821.60. The trade was a 17.31% decrease in their position. 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 ninety days. Company insiders own 11.76% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Root from $170.00 to $165.00 and set an "outperform" rating for the company in a report on Friday, August 8th. UBS Group reaffirmed a "neutral" rating and issued a $105.00 target price (down previously from $140.00) on shares of Root in a report on Monday, August 18th. TD Cowen upped 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. Wall Street Zen downgraded shares of Root from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Wells Fargo & Company upped 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. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Root has an average 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.

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