Zweig DiMenna Associates LLC Purchases Shares of 27,000 Root, Inc. $ROOT

Key Points

• Zweig DiMenna Associates LLC disclosed a new first-quarter stake in Root, buying 27,000 shares valued at about $1.19 million. The position represented roughly 0.17% of Root at the end of the reporting period.
• Other institutional investors have also been active in ROOT, and institutional ownership stands at 59.82% of the company. HB Wealth Management, T. Rowe Price, and others either increased holdings or initiated new positions.
• Root reported better-than-expected quarterly earnings of $2.09 per share versus the $0.84 estimate, while revenue rose 12.5% year over year to $393.5 million. Analysts currently rate the stock Hold on average, with a consensus price target of $86.00.

Zweig DiMenna Associates LLC purchased a new stake in shares of Root, Inc. (NASDAQ:ROOT - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 27,000 shares of the company's stock, valued at approximately $1,193,000. Zweig DiMenna Associates LLC owned approximately 0.17% of Root at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ROOT. HB Wealth Management LLC boosted its stake in Root by 122.2% during the first quarter. HB Wealth Management LLC now owns 47,248 shares of the company's stock valued at $2,087,000 after buying an additional 25,986 shares during the period. Leonteq Securities AG purchased a new position in Root during the first quarter worth about $332,000. T. Rowe Price Investment Management Inc. increased its stake in Root by 8.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 946,632 shares of the company's stock worth $68,376,000 after acquiring an additional 74,427 shares during the last quarter. XTX Topco Ltd increased its stake in Root by 33.3% in the 4th quarter. XTX Topco Ltd now owns 7,002 shares of the company's stock worth $506,000 after acquiring an additional 1,750 shares during the last quarter. Finally, Twinbeech Capital LP bought a new position in Root in the 4th quarter worth about $1,018,000. Institutional investors own 59.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ROOT shares. Weiss Ratings downgraded Root from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday. UBS Group set a $50.00 price objective on Root and gave the stock a "neutral" rating in a report on Monday, May 11th. Wells Fargo & Company upped their price objective on shares of Root from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods lowered their target price on shares of Root from $104.00 to $95.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 7th. Finally, TD Cowen reiterated a "hold" rating on shares of Root in a research report on Wednesday, June 17th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $86.00.

Root Stock Down 1.0%

ROOT opened at $61.73 on Wednesday. The business's fifty day simple moving average is $56.56 and its 200 day simple moving average is $57.11. Root, Inc. has a 52 week low of $40.91 and a 52 week high of $134.00. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.61. The stock has a market cap of $977.19 million, a PE ratio of 18.48 and a beta of 2.85.

Root (NASDAQ:ROOT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $1.25. Root had a return on equity of 19.97% and a net margin of 3.58%.The firm had revenue of $393.50 million during the quarter, compared to analyst estimates of $398.16 million. During the same quarter in the previous year, the company posted $1.07 earnings per share. The company's revenue was up 12.5% compared to the same quarter last year. As a group, research analysts expect that Root, Inc. will post 3.28 earnings per share for the current fiscal year.

Root Profile

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company's core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.

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