Quinn Opportunity Partners LLC Buys Shares of 40,665 Root, Inc. (NASDAQ:ROOT)

Quinn Opportunity Partners LLC purchased a new stake in Root, Inc. (NASDAQ:ROOT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 40,665 shares of the company’s stock, valued at approximately $2,952,000.

Several other hedge funds have also recently modified their holdings of ROOT. FMR LLC increased its holdings in Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after buying an additional 16,348 shares during the period. Verition Fund Management LLC increased its holdings in shares of Root by 15.2% in the 3rd quarter. Verition Fund Management LLC now owns 9,788 shares of the company’s stock valued at $370,000 after acquiring an additional 1,288 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Root in the 3rd quarter worth $428,000. State Street Corp lifted its stake in shares of Root by 0.3% during the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after purchasing an additional 444 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in Root during the third quarter valued at about $645,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Insider Activity

In related news, insider Mahtiyar Bonakdarpour sold 5,515 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total transaction of $688,161.70. Following the completion of the transaction, the insider now directly owns 286,901 shares in the company, valued at $35,799,506.78. The trade was a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alexander E. Timm sold 1,144 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total value of $153,307.44. Following the sale, the chief executive officer now directly owns 161,625 shares in the company, valued at $21,659,366.25. This represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,659 shares of company stock valued at $1,191,469. Company insiders own 11.71% of the company’s stock.

Root Stock Down 7.9 %

NASDAQ:ROOT opened at $118.71 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14. The company has a market cap of $1.80 billion, a PE ratio of -96.51 and a beta of 2.41. The company’s 50 day moving average is $128.53 and its two-hundred day moving average is $91.50.

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

Analysts Set New Price Targets

A number of brokerages have commented on ROOT. Wells Fargo & Company boosted their target price on shares of Root from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Thursday. Scotiabank reiterated a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Finally, UBS Group raised their target price on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, March 7th. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $89.67.

Root 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.