Root (NASDAQ:ROOT) Trading 4.8% Higher

Root, Inc. (NASDAQ:ROOT)’s share price was up 4.8% during mid-day trading on Monday . The company traded as high as $71.36 and last traded at $71.09. Approximately 63,111 shares traded hands during trading, a decline of 89% from the average daily volume of 551,306 shares. The stock had previously closed at $67.85.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ROOT shares. TD Cowen boosted their target price on shares of Root from $11.00 to $51.00 and gave the company a “hold” rating in a research report on Wednesday, June 5th. JMP Securities boosted their target price on shares of Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 1st. Wells Fargo & Company boosted their price target on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $80.00 price target (up previously from $70.00) on shares of Root in a research note on Tuesday, May 7th. 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.com, the company presently has an average rating of “Hold” and an average price target of $41.89.

Root Price Performance

The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.81. The company’s 50 day moving average price is $56.78 and its 200-day moving average price is $45.94.

Root (NASDAQ:ROOT) last posted its earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.51) by $2.09. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. The firm had revenue of $254.90 million during the quarter, compared to analyst estimates of $203.99 million. During the same quarter in the prior year, the business posted ($2.88) EPS. The business’s revenue was up 263.6% compared to the same quarter last year. Analysts forecast that Root, Inc. will post -4.03 earnings per share for the current fiscal year.

Insider Transactions at Root

In related news, Director Beth A. Birnbaum sold 1,735 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.67, for a total value of $75,767.45. Following the transaction, the director now directly owns 16,013 shares of the company’s stock, valued at approximately $699,287.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Meyer Malka sold 13,300 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $60.58, for a total value of $805,714.00. Following the transaction, the insider now directly owns 43,107 shares of the company’s stock, valued at approximately $2,611,422.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Beth A. Birnbaum sold 1,735 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.67, for a total transaction of $75,767.45. Following the sale, the director now directly owns 16,013 shares in the company, valued at $699,287.71. The disclosure for this sale can be found here. Company insiders own 11.71% of the company’s stock.

Institutional Investors Weigh In On Root

Several institutional investors have recently added to or reduced their stakes in the business. Cannell Capital LLC lifted its holdings in Root by 144.0% during the fourth quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock valued at $7,515,000 after purchasing an additional 423,120 shares during the last quarter. Trexquant Investment LP lifted its holdings in Root by 43.4% during the fourth quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock valued at $488,000 after purchasing an additional 14,096 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Root by 37.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock valued at $360,000 after purchasing an additional 9,390 shares during the last quarter. Tidal Investments LLC purchased a new stake in Root during the first quarter valued at about $1,997,000. Finally, Bank of New York Mellon Corp purchased a new stake in Root during the second quarter valued at about $1,280,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.