Root (NASDAQ:ROOT) Shares Gap Up to $11.31

Root, Inc. (NASDAQ:ROOT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $11.31, but opened at $12.55. Root shares last traded at $13.37, with a volume of 193,219 shares.

Several equities analysts have recently commented on the stock. Bank of America began coverage on shares of Root in a research report on Tuesday, March 9th. They set an “underperform” rating and a $9.00 price target on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reduced their target price on Root from $15.00 to $11.50 and set a “neutral” rating on the stock in a report on Tuesday, May 25th. Citigroup lowered their price target on Root from $15.00 to $11.50 and set a “neutral” rating for the company in a report on Tuesday, May 25th. Zacks Investment Research cut Root from a “buy” rating to a “hold” rating in a research note on Saturday, May 1st. Finally, Morgan Stanley lowered their target price on shares of Root from $23.00 to $14.00 and set an “equal weight” rating for the company in a research note on Friday, April 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $19.27.

The stock has a 50-day moving average price of $10.34. The stock has a market cap of $3.04 billion and a PE ratio of -2.50.

In related news, CTO Daniel Manges sold 150,000 shares of the stock in a transaction that occurred on Monday, May 17th. The stock was sold at an average price of $8.97, for a total value of $1,345,500.00. Following the completion of the transaction, the chief technology officer now directly owns 287,424 shares of the company’s stock, valued at approximately $2,578,193.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 54.41% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ROOT. Northern Trust Corp boosted its stake in Root by 2.5% during the first quarter. Northern Trust Corp now owns 50,769 shares of the company’s stock valued at $646,000 after buying an additional 1,261 shares in the last quarter. Signet Investment Advisory Group Inc. acquired a new stake in Root in the 4th quarter valued at about $39,000. Stifel Financial Corp lifted its holdings in Root by 28.2% in the 1st quarter. Stifel Financial Corp now owns 22,750 shares of the company’s stock valued at $290,000 after acquiring an additional 5,000 shares during the last quarter. Canal Insurance CO acquired a new stake in Root in the 1st quarter valued at about $95,000. Finally, Royal Bank of Canada lifted its holdings in Root by 104.2% in the 1st quarter. Royal Bank of Canada now owns 15,677 shares of the company’s stock valued at $199,000 after acquiring an additional 7,998 shares during the last quarter. Institutional investors and hedge funds own 19.87% of the company’s stock.

About Root (NASDAQ:ROOT)

Root, Inc provides insurance products and services in the United States. The company offers auto, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners.

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