T3 Companies LLC Makes New Investment in Root, Inc. $ROOT

T3 Companies LLC bought a new position in shares of Root, Inc. (NASDAQ:ROOT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 25,800 shares of the company’s stock, valued at approximately $1,864,000. Root comprises 2.3% of T3 Companies LLC’s investment portfolio, making the stock its 9th largest position. T3 Companies LLC owned 0.17% of Root at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Root by 25.9% during the third quarter. Vanguard Group Inc. now owns 724,541 shares of the company’s stock valued at $64,854,000 after purchasing an additional 149,064 shares during the last quarter. Quinn Opportunity Partners LLC acquired a new stake in shares of Root in the third quarter valued at approximately $3,580,000. SG Americas Securities LLC raised its position in Root by 1,254.2% in the 4th quarter. SG Americas Securities LLC now owns 30,159 shares of the company’s stock worth $2,178,000 after purchasing an additional 27,932 shares during the last quarter. Quantbot Technologies LP bought a new position in Root in the 3rd quarter worth approximately $1,286,000. Finally, Prosperitas Financial LLC acquired a new position in Root during the 4th quarter worth $1,594,000. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ROOT shares. Weiss Ratings cut Root from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Keefe, Bruyette & Woods cut their price target on Root from $104.00 to $95.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 7th. Wells Fargo & Company lifted their price objective on Root from $52.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Zacks Research raised Root from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, UBS Group set a $50.00 target price on shares of Root and gave the company a “neutral” rating in a research report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $93.20.

Root Stock Performance

Shares of Root stock opened at $53.96 on Thursday. The firm has a fifty day moving average of $52.89 and a two-hundred day moving average of $60.71. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $854.19 million, a price-to-earnings ratio of 16.16 and a beta of 2.87. Root, Inc. has a 52 week low of $40.91 and a 52 week high of $162.99.

Root (NASDAQ:ROOT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $1.25. The business had revenue of $393.50 million for the quarter, compared to analyst estimates of $398.16 million. Root had a return on equity of 19.97% and a net margin of 3.58%.The firm’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the company earned $1.07 EPS. As a group, equities research analysts predict that Root, Inc. will post 2.15 EPS for the current year.

Root 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.