New York State Common Retirement Fund Buys 33,250 Shares of Root, Inc. $ROOT

New York State Common Retirement Fund grew its stake in Root, Inc. (NASDAQ:ROOT) by 950.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,750 shares of the company’s stock after buying an additional 33,250 shares during the period. New York State Common Retirement Fund’s holdings in Root were worth $3,289,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ROOT. Ensign Peak Advisors Inc bought a new position in shares of Root in the 2nd quarter valued at approximately $33,829,000. American Century Companies Inc. lifted its stake in shares of Root by 54.8% in the second quarter. American Century Companies Inc. now owns 357,176 shares of the company’s stock worth $45,708,000 after buying an additional 126,467 shares during the last quarter. Norges Bank bought a new stake in shares of Root during the 2nd quarter worth $11,079,000. Palisades Investment Partners LLC acquired a new position in Root in the 3rd quarter valued at $7,314,000. Finally, Franklin Resources Inc. grew its stake in Root by 60.0% in the 2nd quarter. Franklin Resources Inc. now owns 211,533 shares of the company’s stock valued at $27,070,000 after buying an additional 79,330 shares during the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Root in a report on Friday, November 7th. Zacks Research upgraded Root from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Wall Street Zen lowered Root from a “hold” rating to a “sell” rating in a report on Sunday, January 18th. Wells Fargo & Company set a $75.00 price target on Root and gave the stock an “equal weight” rating in a report on Tuesday, January 13th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Root in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $121.60.

Root Stock Performance

ROOT opened at $62.08 on Friday. The stock’s 50 day simple moving average is $72.95 and its 200-day simple moving average is $84.40. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.76. The stock has a market cap of $962.86 million, a PE ratio of 18.76 and a beta of 2.76. Root, Inc. has a 1 year low of $56.00 and a 1 year high of $181.14.

Root (NASDAQ:ROOT) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.08. The firm had revenue of $387.80 million for the quarter, compared to the consensus estimate of $363.06 million. Root had a net margin of 3.80% and a return on equity of 23.36%. The business’s revenue was up 26.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.35 earnings per share. Sell-side analysts forecast that Root, Inc. will post -0.08 EPS for the current year.

About Root

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.