Root (NASDAQ:ROOT) Cut to Hold at Citizens Jmp

Citizens Jmp downgraded shares of Root (NASDAQ:ROOT) from a strong-buy rating to a hold rating in a research report released on Friday morning,Zacks.com reports.

Several other research firms have also commented on ROOT. Wells Fargo & Company lifted their price target on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $90.00 price target (up from $82.00) on shares of Root in a report on Tuesday, November 5th. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a report on Thursday, October 3rd. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, UBS Group lifted their price target on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $59.13.

Root Trading Down 0.7 %

ROOT stock opened at $108.44 on Friday. Root has a 12-month low of $7.22 and a 12-month high of $118.15. The business’s 50-day moving average is $56.30 and its 200 day moving average is $54.26. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -88.16 and a beta of 2.34.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, topping the consensus estimate of ($0.61) by $1.96. The business had revenue of $305.70 million for the quarter, compared to analysts’ expectations of $272.77 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The business’s revenue for the quarter was up 165.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($3.16) EPS. On average, sell-side analysts anticipate that Root will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Root

In related news, major shareholder Meyer Malka sold 75,839 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $81.21, for a total value of $6,158,885.19. Following the transaction, the insider now directly owns 43,107 shares of the company’s stock, valued at $3,500,719.47. This trade represents a 63.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Julie Szudarek sold 2,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the completion of the sale, the director now directly owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 246,905 shares of company stock valued at $20,440,479 in the last quarter. Corporate insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On Root

Institutional investors have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC purchased a new position in Root in the 2nd quarter valued at $9,547,000. Driehaus Capital Management LLC acquired a new stake in shares of Root in the 2nd quarter worth $9,154,000. Tidal Investments LLC purchased a new stake in shares of Root in the first quarter valued at about $1,997,000. Bank of New York Mellon Corp purchased a new stake in shares of Root in the second quarter valued at about $1,280,000. Finally, XTX Topco Ltd acquired a new position in shares of Root during the third quarter worth about $645,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.