Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Root Inc shares valued at $56,700 were sold by Allison Jonathan on Dec 05 ’23. At $14.18 per share, Allison Jonathan sold 4,000 shares. The insider’s holdings dropped to 76,766 shares worth approximately $5.9 million following the completion of this transaction.
Also, Allison Jonathan sold 4,000 shares, netting a total of over 44,412 in proceeds. Following the sale of shares at $11.10 each, the insider now holds 80,766 shares.
Before that, Allison Jonathan had sold 8,000 shares from its account. In a trade valued at $79,024, the Chief Administrative Officer traded Root Inc shares for $9.88 each. Upon closing the transaction, the insider’s holdings decreased to 8,000 shares, worth approximately $6.52 million.
As published in a research note from Jefferies on March 01, 2024, Root Inc [ROOT] has been rated up from a Hold to a Buy and the price target has been revised to $40 from $10. Analysts at Keefe Bruyette upgraded the stock from ‘”a Mkt perform”‘ to ‘”an Outperform”‘ outlook in a report released in late February. As of February 22, 2024, Cantor Fitzgerald has increased its “Neutral” rating to a “an Overweight” for ROOT. Earlier on January 10, 2024, TD Cowen initiated its rating. Their recommendation was “a Market perform” for ROOT stock.
Analyzing ROOT Stock Performance
During the last five days, there has been a surge of approximately 12.86%. Over the course of the year, Root Inc shares have jumped approximately 633.49%. Shares of the company reached a 52-week high of $85.99 on 04/09/24 and a 52-week low of $7.22 on 02/09/24. A 50-day SMA is recorded $36.63, while a 200-day SMA reached $16.73. Nevertheless, trading volume fell to 0.65 million shares from 0.77 million shares the previous day.
Support And Resistance Levels for Root Inc (ROOT)
According to the 24-hour chart, there is a support level at 73.41, which, if violated, would cause prices to drop to 69.96. In the upper region, resistance lies at 81.91. The next price resistance is at 86.96. RSI (Relative Strength Index) is 71.27 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 12.96, which suggests the price will increase in the coming days. Percent R is at 25.39%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Root Inc subject to short interest?
Stocks of Root Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.44 million shares to 1.41 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 0.97 million shares. A jump of 31.14% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 0.92 of the overall float, the days-to-cover ratio (short ratio) jumped to 0.92.
