Root (NASDAQ:ROOT) Stock Gets Price Target Reduction from Wells Fargo & Company

Root (NASDAQ:ROOT) had its price target decreased by Wells Fargo & Company from $53.00 to $47.00 in a research note published on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

ROOT has been the topic of several other research reports. TD Cowen lowered Root from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 20th. Keefe, Bruyette & Woods cut their price objective on Root from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Weiss Ratings raised Root from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, July 28th. Finally, Jefferies Financial Group cut shares of Root from a “buy” rating to a “hold” rating and decreased their target price for the company from $78.00 to $58.00 in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $58.75.

Root Price Performance

NASDAQ:ROOT opened at $49.12 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.02 and a current ratio of 1.02. The stock’s 50-day simple moving average is $51.56 and its 200 day simple moving average is $53.71. The company has a market cap of $760.87 million, a P/E ratio of 13.88 and a beta of 2.91. Root has a 52-week low of $40.91 and a 52-week high of $91.00.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, August 5th. The company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.66. Root had a return on equity of 19.72% and a net margin of 3.78%. The business had revenue of $389.20 million for the quarter, compared to analyst estimates of $395.14 million. During the same quarter in the prior year, the company posted $1.29 earnings per share. Root’s revenue was up 1.6% on a year-over-year basis. As a group, sell-side analysts forecast that Root will post 4.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC acquired a new position in Root during the second quarter worth approximately $219,000. Prosperitas Financial LLC raised its stake in Root by 4.4% in the second quarter. Prosperitas Financial LLC now owns 27,411 shares of the company’s stock valued at $1,533,000 after buying an additional 1,149 shares during the period. CoreCap Advisors LLC bought a new stake in Root in the second quarter valued at approximately $42,000. Quantinno Capital Management LP bought a new position in shares of Root during the 1st quarter worth approximately $920,000. Finally, First Trust Advisors LP increased its holdings in shares of Root by 49.1% during the 1st quarter. First Trust Advisors LP now owns 68,050 shares of the company’s stock worth $3,006,000 after acquiring an additional 22,422 shares during the last quarter. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Root Company Profile

Root, Inc (NASDAQ:ROOT) is a technology-driven insurance company that provides primarily personal automobile insurance. Its platform uses mobile technology and telematics, including driving data collected through a smartphone application, to assess driving behavior and help determine personalized insurance pricing.

Customers can obtain quotes, manage policies, submit claims and access insurance documents through Root’s mobile app and online platform. The company’s product offering has centered on usage-based auto insurance, with coverage and availability varying by state and applicable regulatory requirements.

Root was founded in 2015 by Alex Timm and Dan Mayer and is headquartered in Columbus, Ohio.