Root, Inc. (NASDAQ:ROOT) Short Interest Up 33.9% in December

by · The Markets Daily

Root, Inc. (NASDAQ:ROOT – Get Free Report) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,580,000 shares, an increase of 33.9% from the December 15th total of 1,180,000 shares. Based on an average daily trading volume, of 681,700 shares, the days-to-cover ratio is presently 2.3 days.

Insiders Place Their Bets

In other Root news, Director Julie Szudarek sold 2,000 shares of Root stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total value of $192,660.00. Following the completion of the sale, the director now owns 15,003 shares in the company, valued at $1,445,238.99. The trade was a 11.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Meyer Malka sold 50,959 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $84.78, for a total transaction of $4,320,304.02. Following the transaction, the insider now owns 102 shares in the company, valued at approximately $8,647.56. The trade was a 99.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 246,905 shares of company stock valued at $20,440,479 over the last 90 days. 11.71% of the stock is currently owned by insiders.

Institutional Trading of Root

A number of hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in Root during the 3rd quarter worth approximately $33,000. Wesbanco Bank Inc. acquired a new position in shares of Root during the fourth quarter worth $218,000. MetLife Investment Management LLC grew its stake in shares of Root by 129.1% in the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after purchasing an additional 2,889 shares during the last quarter. Algert Global LLC bought a new stake in shares of Root in the second quarter worth $288,000. Finally, Versor Investments LP acquired a new stake in Root in the third quarter valued at $216,000. 59.82% of the stock is owned by institutional investors and hedge funds.

Root Price Performance

ROOT stock traded down $3.02 during trading on Friday, reaching $85.31. 273,093 shares of the company were exchanged, compared to its average volume of 367,313. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -69.36 and a beta of 2.55. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The company has a 50-day moving average of $84.54 and a two-hundred day moving average of $62.11. Root has a twelve month low of $7.22 and a twelve month high of $118.15.

Root (NASDAQ:ROOT – Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $305.70 million for the quarter, compared to analysts’ expectations of $272.77 million. During the same quarter in the previous year, the firm posted ($3.16) earnings per share. The company’s revenue was up 165.1% on a year-over-year basis. As a group, equities analysts predict that Root will post -1.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

ROOT has been the topic of a number of recent research reports. Keefe, Bruyette & Woods restated an “outperform” rating and set a $90.00 price objective (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. Jefferies Financial Group dropped their price target on Root from $84.00 to $72.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Finally, UBS Group upped their price target on shares of Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Root currently has a consensus rating of “Hold” and a consensus target price of $59.38.

Check Out Our Latest Stock Report on Root

Root Company Profile

(Get Free Report)

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.

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