Corebridge Financial Inc. Trims Stake in Root, Inc. (NASDAQ:ROOT)

Corebridge Financial Inc. lessened its holdings in shares of Root, Inc. (NASDAQ:ROOT) by 7.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,293 shares of the company’s stock after selling 324 shares during the period. Corebridge Financial Inc.’s holdings in Root were worth $312,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other Root news, Director Doug Ulman sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the sale, the director now directly owns 6,201 shares in the company, valued at $1,085,175. This trade represents a 24.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the company’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $124.78, for a total value of $688,161.70. Following the transaction, the insider now directly owns 286,901 shares in the company, valued at approximately $35,799,506.78. The trade was a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,659 shares of company stock worth $1,191,469. 11.71% of the stock is owned by corporate insiders.

Root Stock Performance

Shares of ROOT stock opened at $118.71 on Friday. The company’s 50 day moving average is $128.53 and its 200 day moving average is $91.50. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -96.51 and a beta of 2.41. Root, Inc. has a 52-week low of $34.04 and a 52-week high of $181.14.

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

Analyst Ratings Changes

ROOT has been the topic of a number of research reports. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. UBS Group raised their price objective on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a report on Friday, March 7th. Finally, Wells Fargo & Company lifted their target price on Root from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Thursday. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $89.67.

About Root

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.