The Manufacturers Life Insurance Company Invests $231,000 in Root, Inc. (NASDAQ:ROOT)

The Manufacturers Life Insurance Company purchased a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,177 shares of the company's stock, valued at approximately $231,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Root by 16.2% in the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company's stock valued at $38,250,000 after acquiring an additional 73,413 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Root during the fourth quarter worth approximately $29,661,000. Renaissance Technologies LLC raised its stake in Root by 41.8% in the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company's stock valued at $19,129,000 after purchasing an additional 77,699 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Root by 163.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company's stock valued at $9,286,000 after purchasing an additional 79,317 shares in the last quarter. Finally, Quinn Opportunity Partners LLC purchased a new position in Root in the 4th quarter valued at $2,952,000. Institutional investors and hedge funds own 59.82% of the company's stock.

Insider Activity

In other news, Director Doug Ulman sold 2,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the transaction, the director now directly owns 6,201 shares in the company, valued at approximately $1,085,175. This represents a 24.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alexander E. Timm sold 1,144 shares of Root stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $134.01, for a total transaction of $153,307.44. Following the completion of the sale, the chief executive officer now owns 161,625 shares of the company's stock, valued at $21,659,366.25. This trade represents a 0.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 233,659 shares of company stock valued at $31,748,719 in the last quarter. Insiders own 11.76% of the company's stock.

Root Trading Down 8.6%

Shares of Root stock traded down $11.84 during mid-day trading on Wednesday, hitting $125.91. The stock had a trading volume of 718,847 shares, compared to its average volume of 512,972. The firm has a 50-day moving average of $137.74 and a two-hundred day moving average of $110.42. The firm has a market cap of $1.93 billion, a P/E ratio of -102.37 and a beta of 2.40. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. Root, Inc. has a 12-month low of $34.04 and a 12-month high of $181.14.

Root (NASDAQ:ROOT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.62. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company had revenue of $349.40 million during the quarter, compared to analyst estimates of $305.24 million. During the same period in the prior year, the business posted ($0.42) earnings per share. The firm's revenue for the quarter was up 37.2% compared to the same quarter last year. Sell-side analysts forecast that Root, Inc. will post -0.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

ROOT has been the subject of a number of recent research reports. Wells Fargo & Company increased their target price on shares of Root from $105.00 to $142.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. UBS Group increased their price objective on shares of Root from $67.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, March 7th. Jefferies Financial Group raised their target price on shares of Root from $115.00 to $150.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Scotiabank restated a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. Finally, Keefe, Bruyette & Woods increased their price target on Root from $150.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Root currently has a consensus rating of "Hold" and an average target price of $122.17.

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.