SG Americas Securities LLC Decreases Stock Holdings in Root, Inc. $ROOT

SG Americas Securities LLC lowered its stake in Root, Inc. (NASDAQ:ROOT) by 84.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,814 shares of the company’s stock after selling 25,345 shares during the quarter. SG Americas Securities LLC’s holdings in Root were worth $213,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. boosted its stake in shares of 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 buying an additional 74,427 shares during the last quarter. XTX Topco Ltd grew its stake in shares of Root by 33.3% during the 4th quarter. XTX Topco Ltd now owns 7,002 shares of the company’s stock valued at $506,000 after purchasing an additional 1,750 shares during the period. Twinbeech Capital LP bought a new position in shares of Root in the 4th quarter worth approximately $1,018,000. Millennium Management LLC boosted its holdings in shares of Root by 780.1% in the fourth quarter. Millennium Management LLC now owns 220,815 shares of the company’s stock worth $15,949,000 after buying an additional 195,725 shares during the last quarter. Finally, Findell Capital Management LLC grew its position in Root by 291.7% during the fourth quarter. Findell Capital Management LLC now owns 235,000 shares of the company’s stock valued at $16,974,000 after buying an additional 175,000 shares during the period. Institutional investors own 59.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ROOT shares. Zacks Research raised shares of Root from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Wells Fargo & Company raised their price objective on Root from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Thursday. Keefe, Bruyette & Woods cut their price objective on Root from $104.00 to $95.00 and set an “outperform” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings raised shares of Root from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Finally, UBS Group set a $50.00 price objective on shares of Root and gave the stock a “neutral” rating in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $86.00.

Root Price Performance

Shares of NASDAQ:ROOT traded down $0.04 during midday trading on Friday, reaching $64.36. 128,446 shares of the company were exchanged, compared to its average volume of 252,221. The stock has a market cap of $1.02 billion, a PE ratio of 19.27 and a beta of 2.85. The business’s fifty day moving average is $56.27 and its two-hundred day moving average is $57.39. Root, Inc. has a one year low of $40.91 and a one year high of $134.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.61.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, May 6th. The company reported $2.09 EPS for the quarter, beating the consensus estimate of $0.84 by $1.25. Root had a net margin of 3.58% and a return on equity of 19.97%. The business had revenue of $393.50 million during the quarter, compared to the consensus estimate of $398.16 million. During the same quarter in the prior year, the firm earned $1.07 EPS. The business’s revenue was up 12.5% on a year-over-year basis. As a group, analysts predict that Root, Inc. will post 3.28 earnings per share for the current year.

Root Company 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.