HB Wealth Management LLC Boosts Stock Holdings in Root, Inc. $ROOT

HB Wealth Management LLC increased its stake in Root, Inc. (NASDAQ:ROOT) by 122.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,248 shares of the company’s stock after acquiring an additional 25,986 shares during the period. HB Wealth Management LLC’s holdings in Root were worth $2,087,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. increased its holdings in Root by 8.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 946,632 shares of the company’s stock worth $68,376,000 after purchasing an additional 74,427 shares during the period. Capital Research Global Investors grew its position in shares of Root by 31.7% during the fourth quarter. Capital Research Global Investors now owns 654,252 shares of the company’s stock worth $47,257,000 after buying an additional 157,654 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Root by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 310,967 shares of the company’s stock worth $22,466,000 after buying an additional 12,238 shares during the period. State Street Corp raised its holdings in Root by 5.0% in the fourth quarter. State Street Corp now owns 258,168 shares of the company’s stock valued at $18,647,000 after acquiring an additional 12,321 shares in the last quarter. Finally, Findell Capital Management LLC lifted its stake in Root by 291.7% in the fourth quarter. Findell Capital Management LLC now owns 235,000 shares of the company’s stock worth $16,974,000 after acquiring an additional 175,000 shares during the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ROOT has been the topic of a number of recent analyst reports. TD Cowen reissued a “hold” rating on shares of Root in a research report on Wednesday, June 17th. UBS Group set a $50.00 target price on shares of Root and gave the stock a “neutral” rating in a research note on Monday, May 11th. Zacks Research raised Root from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Wells Fargo & Company raised their price target on Root from $52.00 to $58.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings raised Root from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $93.20.

Root Trading Up 1.9%

Shares of Root stock opened at $65.22 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.61. The company has a fifty day simple moving average of $55.49 and a 200-day simple moving average of $57.57. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 18.90 and a beta of 2.85. Root, Inc. has a 12-month low of $40.91 and a 12-month high of $134.00.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $1.25. Root had a net margin of 3.58% and a return on equity of 19.97%. The firm had revenue of $393.50 million during the quarter, compared to analysts’ expectations of $398.16 million. During the same period in the previous year, the company earned $1.07 earnings per share. Root’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, equities analysts forecast that Root, Inc. will post 3.28 EPS for the current fiscal 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.