Root (NASDAQ:ROOT) Stock Price Up 3.9% – Time to Buy?

Shares of Root, Inc. (NASDAQ:ROOT) were up 3.9% on Friday . The stock traded as high as $158.00 and last traded at $158.63. Approximately 251,271 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 502,328 shares. The stock had previously closed at $152.64.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ROOT shares. Scotiabank reissued a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Citizens Jmp lowered Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. UBS Group boosted their target price on Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, March 7th. Finally, JMP Securities lowered Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.33.

Root Price Performance

The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -131.73 and a beta of 2.48. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The business has a 50 day simple moving average of $112.61 and a 200-day simple moving average of $80.38.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $1.93. The business had revenue of $326.70 million during the quarter, compared to the consensus estimate of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. Equities research analysts expect that Root, Inc. will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On Root

A number of hedge funds have recently added to or reduced their stakes in ROOT. Vanguard Group Inc. boosted its stake in shares of Root by 16.2% in the 4th quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after buying an additional 73,413 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Root in the 4th quarter worth approximately $29,661,000. Renaissance Technologies LLC boosted its stake in shares of Root by 41.8% in the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock worth $19,129,000 after buying an additional 77,699 shares during the last quarter. State Street Corp boosted its stake in shares of Root by 0.3% in the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after buying an additional 444 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Root by 163.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock worth $9,286,000 after buying an additional 79,317 shares during the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.