Citigroup Inc. Has $5.50 Million Stake in Root, Inc. $ROOT

Citigroup Inc. boosted its holdings in Root, Inc. (NASDAQ:ROOT) by 38.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,485 shares of the company’s stock after buying an additional 17,009 shares during the period. Citigroup Inc. owned approximately 0.40% of Root worth $5,504,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC raised its position in shares of Root by 122.2% during the 1st quarter. AQR Capital Management LLC now owns 10,229 shares of the company’s stock valued at $1,365,000 after acquiring an additional 5,626 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Root by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock worth $686,000 after purchasing an additional 229 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Root during the second quarter worth $777,000. Teacher Retirement System of Texas bought a new stake in Root in the second quarter valued at about $318,000. Finally, Versor Investments LP acquired a new position in Root in the second quarter valued at about $422,000. 59.82% of the stock is owned by institutional investors.

Root Trading Down 3.6%

Shares of NASDAQ:ROOT opened at $47.80 on Wednesday. The firm has a market cap of $741.38 million, a price-to-earnings ratio of 20.60 and a beta of 2.84. Root, Inc. has a 12 month low of $46.63 and a 12 month high of $181.14. The company’s fifty day simple moving average is $65.76 and its 200 day simple moving average is $78.13. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.70.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.28. The firm had revenue of $397.00 million for the quarter, compared to the consensus estimate of $381.57 million. Root had a return on equity of 15.34% and a net margin of 2.58%.The company’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter last year, the business posted $1.30 EPS. As a group, research analysts forecast that Root, Inc. will post -0.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ROOT. Zacks Research upgraded Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $104.00 price objective (down from $150.00) on shares of Root in a research note on Thursday, February 26th. Wells Fargo & Company lowered their target price on shares of Root from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, February 26th. Wall Street Zen upgraded shares of Root from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Weiss Ratings raised shares of Root from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $108.40.

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.