Root (NASDAQ:ROOT) Shares Gap Down to $66.78

Root, Inc. (NASDAQ:ROOT)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $66.78, but opened at $65.14. Root shares last traded at $68.07, with a volume of 73,633 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ROOT shares. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and increased their price objective for the stock from $10.00 to $40.00 in a report on Friday, March 1st. JMP Securities reiterated a “market outperform” rating and set a $15.00 target price on shares of Root in a report on Monday. Citigroup raised their target price on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. Keefe, Bruyette & Woods raised shares of Root from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $10.00 to $22.00 in a research note on Monday, February 26th. Finally, Wells Fargo & Company raised their price objective on Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Root currently has an average rating of “Hold” and an average price target of $15.88.

Root Stock Down 2.5 %

The business’s fifty day moving average is $42.22 and its two-hundred day moving average is $21.19. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.60 and a quick ratio of 1.60.

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

Hedge Funds Weigh In On Root

Several hedge funds and other institutional investors have recently bought and sold shares of ROOT. Advisor Group Holdings Inc. raised its holdings in shares of Root by 28.1% during the first quarter. Advisor Group Holdings Inc. now owns 27,595 shares of the company’s stock valued at $54,000 after purchasing an additional 6,050 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Root by 37.1% during the 1st quarter. Swiss National Bank now owns 172,300 shares of the company’s stock valued at $339,000 after buying an additional 46,600 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Root in the 1st quarter worth $924,000. BlackRock Inc. increased its position in Root by 15.3% during the first quarter. BlackRock Inc. now owns 1,640,566 shares of the company’s stock valued at $3,231,000 after acquiring an additional 217,175 shares during the last quarter. Finally, Ergoteles LLC bought a new position in Root in the first quarter valued at about $226,000. Institutional investors 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.