Schonfeld Strategic Advisors LLC Invests $523,000 in Root, Inc. (NASDAQ:ROOT)

Schonfeld Strategic Advisors LLC bought a new position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,200 shares of the company's stock, valued at approximately $523,000.

Other hedge funds have also modified their holdings of the company. Russell Investments Group Ltd. boosted its position in Root by 651.8% during the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock worth $31,000 after acquiring an additional 365 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Root in the fourth quarter valued at approximately $94,000. Aquatic Capital Management LLC increased its holdings in shares of Root by 92.1% in the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company's stock valued at $112,000 after purchasing an additional 737 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Root during the fourth quarter worth approximately $154,000. Finally, FreeGulliver LLC acquired a new position in Root during the fourth quarter worth $203,000. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ROOT. Wells Fargo & Company boosted their price target 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. Scotiabank reaffirmed a "sector perform" rating on shares of Root in a research note on Sunday, March 2nd. Keefe, Bruyette & Woods raised their price objective on Root from $150.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. UBS Group upped their target price on shares of Root from $67.00 to $130.00 and gave the company a "neutral" rating in a research report on Friday, March 7th. Finally, Jefferies Financial Group lifted their price target on shares of Root from $115.00 to $150.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $122.17.

Insider Buying and Selling at Root

In other news, insider Mahtiyar Bonakdarpour sold 5,515 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the sale, the insider now directly owns 286,901 shares in the company, valued at approximately $35,799,506.78. This trade represents a 1.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Meyer Malka sold 225,000 shares of the business's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $135.81, for a total transaction of $30,557,250.00. Following the transaction, the insider now owns 503,800 shares of the company's stock, valued at approximately $68,421,078. The trade was a 30.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 233,659 shares of company stock valued at $31,748,719 in the last quarter. Corporate insiders own 11.76% of the company's stock.

Root Stock Down 1.2%

Shares of ROOT stock traded down $1.81 during trading on Tuesday, reaching $150.24. The company's stock had a trading volume of 547,268 shares, compared to its average volume of 512,432. Root, Inc. has a 1-year low of $34.04 and a 1-year high of $181.14. The stock's 50-day moving average price is $137.97 and its 200 day moving average price is $107.35. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -122.15 and a beta of 2.40. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39.

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