Root, Inc. (NASDAQ:ROOT) Receives $59.38 Consensus Target Price from Analysts

Root, Inc. (NASDAQ:ROOT) has been given a consensus rating of “Hold” by the nine ratings firms that are covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $59.38.

Several equities analysts have recently issued reports on the company. Wells Fargo & Company upped their target price on Root from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, January 14th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $90.00 target price (up from $82.00) on shares of Root in a research note on Tuesday, November 5th. UBS Group increased their price target on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Finally, Jefferies Financial Group reduced their target price on shares of Root from $84.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th.

Insider Activity at Root

In other news, major shareholder Meyer Malka sold 118,107 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $82.71, for a total value of $9,768,629.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julie Szudarek sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $96.33, for a total transaction of $192,660.00. Following the sale, the director now directly owns 15,003 shares in the company, valued at $1,445,238.99. This trade represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 195,946 shares of company stock worth $16,120,175. 11.71% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ROOT. XTX Topco Ltd bought a new stake in Root during the third quarter valued at $645,000. FMR LLC grew its holdings in shares of Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock worth $682,000 after purchasing an additional 16,348 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Root in the third quarter worth approximately $539,000. Point72 Asset Management L.P. purchased a new stake in Root in the third quarter valued at approximately $428,000. Finally, Barclays PLC lifted its position in Root by 361.6% during the third quarter. Barclays PLC now owns 14,033 shares of the company’s stock valued at $529,000 after purchasing an additional 10,993 shares during the last quarter. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Root Trading Down 1.9 %

NASDAQ:ROOT opened at $104.20 on Wednesday. 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 firm has a market cap of $1.57 billion, a price-to-earnings ratio of -84.72 and a beta of 2.58. Root has a 52 week low of $7.22 and a 52 week high of $118.15. The firm has a 50-day moving average price of $83.49 and a two-hundred day moving average price of $64.22.

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.