Root (NASDAQ:ROOT) Shares Down 6.2% – Here’s What Happened

Root, Inc. (NASDAQ:ROOT)’s share price traded down 6.2% during mid-day trading on Friday . The company traded as low as $132.50 and last traded at $129.79. 231,719 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 373,891 shares. The stock had previously closed at $138.38.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Wells Fargo & Company upped their price objective on shares of Root from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 14th. UBS Group upped their price objective on shares of Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $90.00 price objective (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. Finally, Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $59.38.

Root Price Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The company has a 50 day simple moving average of $86.93 and a 200 day simple moving average of $67.00.

Insiders Place Their Bets

In other news, Director Julie Szudarek sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $96.33, for a total value of $192,660.00. Following the completion of the transaction, the director now owns 15,003 shares of the company’s stock, valued at $1,445,238.99. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 11.71% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC acquired a new position in shares of Root in the fourth quarter valued at approximately $523,000. Northern Trust Corp increased its stake in shares of Root by 6.5% in the fourth quarter. Northern Trust Corp now owns 75,159 shares of the company’s stock valued at $5,456,000 after buying an additional 4,607 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Root in the fourth quarter valued at approximately $231,000. Aquatic Capital Management LLC increased its stake 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 buying an additional 737 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Root in the fourth quarter valued at approximately $272,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.