Root (NASDAQ:ROOT) Trading 8.4% Higher – Time to Buy?

Root, Inc. (NASDAQ:ROOT)’s stock price traded up 8.4% during mid-day trading on Thursday . The company traded as high as $126.81 and last traded at $128.32. 121,803 shares were traded during trading, a decline of 66% from the average session volume of 356,117 shares. The stock had previously closed at $118.32.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on Root from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 14th. Citizens Jmp cut Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $90.00 price target (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. UBS Group boosted their price target on Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Finally, JMP Securities cut Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Root presently has an average rating of “Hold” and an average target price of $59.38.

Root Stock Up 13.6 %

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The company has a market cap of $2.03 billion, a P/E ratio of -109.34 and a beta of 2.58. The company has a fifty day moving average of $85.45 and a 200 day moving average of $66.04.

Insider Buying and Selling

In other Root news, Director Julie Szudarek sold 2,000 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $96.33, for a total transaction of $192,660.00. Following the completion of the sale, the director now owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. The trade was 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 the SEC website. 11.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Root

Several hedge funds have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Root by 163.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock worth $9,286,000 after acquiring an additional 79,317 shares during the period. Renaissance Technologies LLC raised its position in Root by 41.8% during the fourth quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock valued at $19,129,000 after purchasing an additional 77,699 shares during the period. Vanguard Group Inc. raised its position in Root by 16.2% during the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock valued at $38,250,000 after purchasing an additional 73,413 shares during the period. Landscape Capital Management L.L.C. bought a new position in shares of Root during the fourth quarter valued at approximately $2,043,000. Finally, Raymond James Financial Inc. bought a new position in shares of Root during the fourth quarter valued at approximately $1,952,000. 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.