Root (NASDAQ:ROOT) Stock Price Up 8.1%

Root, Inc. (NASDAQ:ROOT) rose 8.1% on Tuesday . The stock traded as high as $59.37 and last traded at $58.87. Approximately 99,053 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 649,196 shares. The stock had previously closed at $54.47.

Analyst Upgrades and Downgrades

ROOT has been the subject of several recent research reports. Citigroup lifted their price target on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $70.00 target price (up from $22.00) on shares of Root in a research report on Wednesday. Cantor Fitzgerald upgraded Root from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. JMP Securities restated a “market outperform” rating and set a $15.00 target price on shares of Root in a research report on Monday, April 15th. Finally, Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and boosted their target price for the stock from $10.00 to $40.00 in a research report on Friday, March 1st. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.88.

Root Price Performance

The business has a fifty day moving average price of $47.88 and a 200-day moving average price of $23.04. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 21st. The company reported ($1.64) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $108.00 million. As a group, equities research analysts expect that Root, Inc. will post -7.87 EPS for the current year.

Institutional Investors Weigh In On Root

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. HST Ventures LLC lifted its stake in shares of Root by 21.9% in the 4th quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock valued at $544,000 after acquiring an additional 9,317 shares during the last quarter. Cannell Capital LLC lifted its stake in shares of Root by 144.0% in the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock valued at $7,515,000 after acquiring an additional 423,120 shares during the last quarter. Trexquant Investment LP lifted its stake in shares of Root by 43.4% in the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock valued at $488,000 after acquiring an additional 14,096 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Root in the 4th quarter valued at about $234,000. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in shares of Root by 37.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock valued at $360,000 after acquiring an additional 9,390 shares during the last quarter. Institutional investors 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.