Two Sigma Investments LP Trims Stock Holdings in Root, Inc. (NASDAQ:ROOT)

Two Sigma Investments LP cut its stake in Root, Inc. (NASDAQ:ROOT - Free Report) by 39.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,535 shares of the company's stock after selling 5,512 shares during the quarter. Two Sigma Investments LP owned 0.06% of Root worth $620,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ROOT. Rhumbline Advisers increased its holdings in Root by 27.7% in the 4th quarter. Rhumbline Advisers now owns 14,628 shares of the company's stock valued at $1,062,000 after acquiring an additional 3,169 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Root during the fourth quarter valued at about $255,000. Bank of New York Mellon Corp increased its holdings in shares of Root by 36.0% in the fourth quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company's stock worth $1,774,000 after purchasing an additional 6,465 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Root in the fourth quarter worth about $309,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Root in the fourth quarter worth about $154,000. Institutional investors own 59.82% of the company's stock.

Insider Activity

In other news, Director Beth A. Birnbaum sold 2,852 shares of Root 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 sale, the director now owns 14,280 shares of the company's stock, valued at approximately $1,975,352.40. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Doug Ulman sold 2,000 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the sale, the director now owns 6,201 shares of the company's stock, valued at $1,085,175. This represents a 24.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,742 shares of company stock valued at $34,553,788. 11.76% of the stock is currently owned by insiders.

Root Trading Up 0.6%

ROOT stock traded up $0.96 during mid-day trading on Thursday, reaching $155.53. 483,820 shares of the stock traded hands, compared to its average volume of 518,751. Root, Inc. has a one year low of $34.04 and a one year high of $181.14. The stock has a market capitalization of $2.39 billion, a PE ratio of -126.45 and a beta of 2.31. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The business has a 50-day moving average price of $135.56 and a two-hundred day moving average price of $115.72.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.62. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $349.40 million during the quarter, compared to analysts' expectations of $305.24 million. During the same period in the previous year, the company earned ($0.42) EPS. The firm's revenue for the quarter was up 37.2% compared to the same quarter last year. Equities research analysts expect that Root, Inc. will post -0.08 EPS for the current year.

Wall Street Analyst Weigh In

ROOT has been the topic of a number of research reports. UBS Group lifted their price objective on Root from $67.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, March 7th. Jefferies Financial Group boosted their price target on shares of Root from $115.00 to $150.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Keefe, Bruyette & Woods upped their price target on shares of Root from $150.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Wall Street Zen raised shares of Root from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Scotiabank restated a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $136.40.

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.