Root, Inc. (NASDAQ:ROOT) Receives $59.13 Average Price Target from Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have received an average rating of “Hold” from the nine brokerages that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $59.13.

ROOT has been the topic of several research reports. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Jefferies Financial Group lowered their target price on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Wells Fargo & Company boosted their price target on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $90.00 price objective (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. Finally, JMP Securities downgraded shares of Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd.

Insiders Place Their Bets

In other Root news, Director Julie Szudarek sold 2,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now owns 15,003 shares of the company’s stock, valued at $1,445,238.99. This trade represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Meyer Malka sold 118,107 shares of Root stock in a transaction on Monday, November 11th. The shares were sold at an average price of $82.71, for a total transaction of $9,768,629.97. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 246,905 shares of company stock valued at $20,440,479. Insiders own 11.71% of the company’s stock.

Institutional Investors Weigh In On Root

A number of institutional investors have recently added to or reduced their stakes in ROOT. State Street Corp raised its holdings 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 purchasing an additional 444 shares during the period. Alpha DNA Investment Management LLC raised its holdings in Root by 5.5% in the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock valued at $480,000 after buying an additional 486 shares during the period. Point72 DIFC Ltd acquired a new position in Root during the third quarter valued at approximately $33,000. Verition Fund Management LLC lifted its position in Root by 15.2% during the third quarter. Verition Fund Management LLC now owns 9,788 shares of the company’s stock valued at $370,000 after buying an additional 1,288 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Root by 7.3% during the fourth quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock worth $1,497,000 after buying an additional 1,416 shares during the period. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Stock Down 0.6 %

ROOT opened at $77.42 on Friday. 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 company has a market cap of $1.17 billion, a price-to-earnings ratio of -62.94 and a beta of 2.55. Root has a one year low of $7.22 and a one year high of $118.15. The business’s fifty day moving average is $83.31 and its two-hundred day moving average is $60.76.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, topping the consensus estimate of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The business had revenue of $305.70 million for the quarter, compared to analyst estimates of $272.77 million. During the same period in the previous year, the firm earned ($3.16) EPS. The business’s revenue for the quarter was up 165.1% compared to the same quarter last year. Analysts anticipate that Root will post -1.2 EPS for the current fiscal 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.