Root, Inc. (NASDAQ:ROOT) Position Raised by Citigroup Inc.

Citigroup Inc. grew its position in shares of Root, Inc. (NASDAQ:ROOT) by 218,250.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,367 shares of the company’s stock after acquiring an additional 4,365 shares during the quarter. Citigroup Inc.’s holdings in Root were worth $42,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Cannell Capital LLC acquired a new position in Root during the 3rd quarter valued at about $2,795,000. Corton Capital Inc. bought a new stake in shares of Root during the third quarter valued at approximately $120,000. Trexquant Investment LP acquired a new position in shares of Root during the third quarter worth approximately $309,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Root during the third quarter worth approximately $158,000. Finally, Barclays PLC grew its holdings in Root by 229,380.0% in the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after buying an additional 11,469 shares in the last quarter. Institutional investors own 59.82% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Jefferies Financial Group raised Root from a “hold” rating to a “buy” rating and lifted their target price for the company from $10.00 to $40.00 in a research note on Friday, March 1st. Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $9.00 to $13.00 in a report on Thursday, February 22nd. TD Cowen began coverage on shares of Root in a research note on Wednesday, January 10th. They set a “market perform” rating on the stock. Wells Fargo & Company upped their price target on shares of Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Finally, Keefe, Bruyette & Woods upgraded shares of Root from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $10.00 to $22.00 in a research note on Monday, February 26th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $16.00.

Root Stock Performance

NASDAQ:ROOT opened at $62.08 on Wednesday. The company has a 50-day moving average of $29.58 and a 200-day moving average of $16.86. The firm has a market cap of $906.37 million, a price-to-earnings ratio of -6.07 and a beta of 2.85. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. Root, Inc. has a twelve month low of $3.63 and a twelve month high of $65.19.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, February 21st. The company reported ($1.64) EPS for the quarter, beating the consensus estimate of ($2.49) by $0.85. The business had revenue of $194.80 million during the quarter, compared to analyst estimates of $108.00 million. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. Analysts forecast that Root, Inc. will post -7.87 earnings per share for the current fiscal year.

Root 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.