28,110 Shares in Root, Inc. $ROOT Acquired by Knollwood Investment Advisory LLC

Key Points

• Knollwood Investment Advisory LLC has purchased a new position in Root, Inc., acquiring 28,110 shares valued at approximately $3.75 million, representing about 0.18% of the company's stock.
• Other institutional investors have also increased their stakes in Root, with significant purchases from T. Rowe Price and Invesco Ltd., leading to institutional investors owning 59.82% of the company's stock.
• Root, Inc. reported strong Q2 earnings with an EPS of $1.29, exceeding analysts' expectations, and a revenue of $382.90 million, marking a 32.4% increase year-over-year.

Knollwood Investment Advisory LLC acquired a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 28,110 shares of the company's stock, valued at approximately $3,751,000. Knollwood Investment Advisory LLC owned 0.18% of Root at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. grew its position in shares of Root by 66.3% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 679,696 shares of the company's stock valued at $90,699,000 after acquiring an additional 271,097 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Root by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 529,555 shares of the company's stock worth $70,664,000 after buying an additional 2,627 shares during the period. Invesco Ltd. boosted its holdings in shares of Root by 5,575.0% during the 1st quarter. Invesco Ltd. now owns 256,792 shares of the company's stock worth $34,266,000 after buying an additional 252,267 shares during the period. American Century Companies Inc. bought a new stake in shares of Root during the 1st quarter worth about $30,786,000. Finally, Northern Trust Corp boosted its holdings in shares of Root by 0.6% during the 1st quarter. Northern Trust Corp now owns 75,646 shares of the company's stock worth $10,094,000 after buying an additional 487 shares during the period. Institutional investors own 59.82% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on ROOT. 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 price objective 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. UBS Group reiterated a "neutral" rating and issued a $105.00 price objective (down previously from $140.00) on shares of Root in a research note on Monday, August 18th. Jefferies Financial Group dropped their price objective on shares of Root from $172.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Finally, Wells Fargo & Company lifted their price objective on shares of Root from $118.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Root has an average rating of "Hold" and a consensus price target of $123.83.

Insider Buying and Selling

In related news, Director Julie Szudarek sold 2,790 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $1,783,821.60. This represents a 17.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Beth A. Birnbaum sold 2,852 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $138.33, for a total transaction of $394,517.16. Following the transaction, the director owned 14,280 shares of the company's stock, valued at approximately $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. In the last ninety days, insiders sold 21,083 shares of company stock worth $2,805,069. 11.76% of the stock is owned by company insiders.

Root Price Performance

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

Root (NASDAQ:ROOT - Get Free Report) last issued its 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 company 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 business's revenue for the quarter was up 32.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.52) EPS. As a group, equities research analysts predict that Root, Inc. will post -0.08 EPS for the current fiscal year.

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.