Root, Inc. (NASDAQ:ROOT) Receives $21.88 Consensus PT from Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have earned an average recommendation of “Hold” from the nine analysts that are presently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $39.50.

A number of research firms have commented on ROOT. JMP Securities upped their target price on shares of Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a research report on Wednesday. Wells Fargo & Company upped their price objective on shares of Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday. TD Cowen initiated coverage on shares of Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $70.00 target price (up previously from $22.00) on shares of Root in a research report on Wednesday, April 24th. Finally, Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and raised their price target for the stock from $10.00 to $40.00 in a research report on Friday, March 1st.

Hedge Funds Weigh In On Root

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James & Associates purchased a new stake in shares of Root during the third quarter worth $1,315,000. Raymond James Financial Services Advisors Inc. increased its holdings in Root by 148.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 24,992 shares of the company’s stock worth $238,000 after purchasing an additional 14,913 shares during the period. Barclays PLC increased its holdings in Root by 229,380.0% during the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after purchasing an additional 11,469 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Root in the 3rd quarter valued at about $158,000. Finally, Trexquant Investment LP purchased a new position in shares of Root in the 3rd quarter valued at about $309,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Stock Up 0.4 %

ROOT stock opened at $69.91 on Monday. The firm has a market cap of $1.02 billion, a PE ratio of -6.83 and a beta of 2.86. Root has a one year low of $3.90 and a one year high of $86.57. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60. The firm’s 50 day moving average price is $52.43 and its 200-day moving average price is $24.71.

Root (NASDAQ:ROOT) last announced its quarterly 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 business had revenue of $254.90 million for the quarter, compared to analyst estimates of $203.99 million. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The company’s quarterly revenue was up 263.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($2.88) EPS. On average, equities research analysts anticipate that Root will post -7.87 EPS for the current year.

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.