JMP Securities Raises Root (NASDAQ:ROOT) Price Target to $90.00

Root (NASDAQ:ROOT) had its price target upped by JMP Securities from $15.00 to $90.00 in a research note issued to investors on Wednesday morning, Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

ROOT has been the subject of several other reports. TD Cowen assumed coverage on Root in a research note on Wednesday, January 10th. They issued a market perform rating for the company. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $70.00 price objective (up from $22.00) on shares of Root in a research note on Wednesday, April 24th. Wells Fargo & Company lifted their price objective on Root from $11.00 to $12.00 and gave the stock an equal weight rating in a research note on Thursday, February 22nd. Citigroup lifted their price objective on Root from $11.00 to $12.00 and gave the stock a neutral rating in a research note on Friday, February 23rd. Finally, Jefferies Financial Group raised Root from a hold rating to a buy rating and lifted their price objective for the stock from $10.00 to $40.00 in a research note on Friday, March 1st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Root currently has an average rating of Hold and a consensus price target of $39.50.

Root Stock Down 1.0 %

NASDAQ ROOT opened at $56.29 on Wednesday. The stock has a fifty day moving average of $55.31 and a 200-day moving average of $25.56. Root has a 52 week low of $4.11 and a 52 week high of $86.57. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.51 and a quick ratio of 1.60.

Root (NASDAQ:ROOT) last released its earnings results on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($2.51) by $2.09. The company had revenue of $254.90 million during the quarter, compared to analysts’ expectations of $203.99 million. Root had a negative return on equity of 62.36% and a negative net margin of 17.61%. The business’s revenue for the quarter was up 263.6% on a year-over-year basis. During the same period last year, the firm earned ($2.88) EPS. Analysts forecast that Root will post -6.59 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ROOT. Citigroup Inc. lifted its holdings in Root by 218,250.0% during the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after acquiring an additional 4,365 shares in the last quarter. Barclays PLC lifted its holdings in Root by 229,380.0% during the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after acquiring an additional 11,469 shares in the last quarter. Corton Capital Inc. bought a new position in Root during the third quarter worth about $120,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Root during the third quarter worth about $158,000. Finally, Jump Financial LLC bought a new position in Root during the fourth quarter worth about $234,000. 59.82% of the stock is currently owned by institutional investors.

Root Company Profile

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.