Root, Inc. (NASDAQ:ROOT) Short Interest Update

Root, Inc. (NASDAQ:ROOT) was the recipient of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 1,400,000 shares, a decline of 16.2% from the February 13th total of 1,670,000 shares. Based on an average daily volume of 492,200 shares, the short-interest ratio is presently 2.8 days. Currently, 10.5% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ROOT. Vanguard Group Inc. grew its stake in Root by 16.2% during the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after purchasing an additional 73,413 shares during the period. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Root during the 4th quarter worth approximately $29,661,000. Renaissance Technologies LLC increased its stake in shares of Root by 41.8% in the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock valued at $19,129,000 after acquiring an additional 77,699 shares in the last quarter. State Street Corp boosted its stake in Root by 0.3% during the third quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after acquiring an additional 444 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Root by 163.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock valued at $9,286,000 after purchasing an additional 79,317 shares during the period. 59.82% of the stock is owned by institutional investors and hedge funds.

Root Trading Down 0.6 %

Root stock traded down $0.93 during mid-day trading on Wednesday, hitting $149.87. 180,752 shares of the stock were exchanged, compared to its average volume of 509,218. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -121.57 and a beta of 2.48. Root has a 12 month low of $34.04 and a 12 month high of $154.52. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm’s fifty day simple moving average is $109.57 and its two-hundred day simple moving average is $79.35.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $1.93. The business had revenue of $326.70 million during the quarter, compared to the consensus estimate of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. Analysts forecast that Root will post -0.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ROOT. Wells Fargo & Company reiterated a “buy” rating on shares of Root in a research report on Sunday, March 2nd. UBS Group raised their price target on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Scotiabank reissued a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Finally, JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Root has a consensus rating of “Moderate Buy” and a consensus price target of $88.33.

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.