Root (NASDAQ:ROOT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Root (NASDAQ:ROOT) had its target price hoisted by research analysts at Wells Fargo & Company from $47.00 to $53.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 2.08% from the stock’s previous close.

ROOT has been the topic of a number of other reports. Jefferies Financial Group downgraded shares of Root from a “buy” rating to a “hold” rating and lowered their target price for the company from $78.00 to $58.00 in a research note on Tuesday, August 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Root in a research note on Monday, October 26th. TD Cowen lowered shares of Root from a “hold” rating to a “strong sell” rating in a report on Thursday, August 20th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Root from $95.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $60.25.

Root Stock Performance

NASDAQ:ROOT opened at $51.92 on Thursday. The business’s 50-day moving average price is $51.36 and its two-hundred day moving average price is $54.15. Root has a twelve month low of $40.91 and a twelve month high of $91.00. The stock has a market cap of $804.26 million, a P/E ratio of 14.89 and a beta of 3.06. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.60.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.23. Root had a return on equity of 19.72% and a net margin of 3.78%. The firm had revenue of $381.30 million during the quarter, compared to the consensus estimate of $384.43 million. As a group, equities analysts predict that Root will post 4.46 EPS for the current fiscal year.

Institutional Trading of Root

A number of hedge funds have recently bought and sold shares of the company. First Trust Advisors LP boosted its stake in Root by 49.1% in the first quarter. First Trust Advisors LP now owns 68,050 shares of the company’s stock worth $3,006,000 after buying an additional 22,422 shares in the last quarter. Prosperitas Financial LLC raised its stake in shares of Root by 4.4% during the second quarter. Prosperitas Financial LLC now owns 27,411 shares of the company’s stock worth $1,533,000 after acquiring an additional 1,149 shares in the last quarter. Zweig DiMenna Associates LLC purchased a new position in shares of Root during the first quarter worth approximately $1,193,000. Quantinno Capital Management LP purchased a new position in shares of Root during the first quarter worth approximately $920,000. Finally, State of Wyoming purchased a new position in shares of Root during the third quarter worth approximately $289,000. Institutional investors own 59.82% of the company’s stock.

Root Company Profile

Root, Inc (NASDAQ:ROOT) is an insurance technology company that uses mobile technology and data-driven underwriting to provide personal insurance products. The company is best known for its automobile insurance, which is offered through a digital platform designed to allow customers to obtain quotes, purchase coverage and manage policies through a smartphone.

Root’s auto insurance model uses information collected through its mobile application, including driving-related data, to evaluate individual driving behavior and help determine eligibility and pricing.