Root, Inc. (NASDAQ:ROOT) Receives $53.38 Consensus Target Price from Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have been assigned a consensus rating of “Moderate Buy” from the eight analysts that are covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $53.38.

Several research firms have weighed in on ROOT. TD Cowen raised their price objective 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. UBS Group lowered their price target on shares of Root from $71.00 to $61.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $82.00 price objective (down previously from $88.00) on shares of Root in a research report on Friday, August 16th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Cannell Capital LLC increased its holdings in Root by 144.0% in 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. Hood River Capital Management LLC bought a new stake in shares of Root in the 2nd quarter valued at about $9,547,000. Driehaus Capital Management LLC acquired a new stake in shares of Root in the 2nd quarter valued at approximately $9,154,000. Trexquant Investment LP boosted its stake in Root by 43.4% during the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock worth $488,000 after acquiring an additional 14,096 shares during the last quarter. Finally, Tidal Investments LLC acquired a new position in Root during the first quarter valued at approximately $1,997,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Stock Up 4.2 %

Shares of ROOT opened at $39.31 on Thursday. The business’s 50 day simple moving average is $45.52 and its 200-day simple moving average is $54.41. Root has a one year low of $7.22 and a one year high of $86.57. The company has a market capitalization of $589.65 million, a P/E ratio of -5.06 and a beta of 2.54. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.43 and a quick ratio of 1.43.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, August 7th. The company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($1.74) by $1.22. Root had a negative return on equity of 50.80% and a negative net margin of 9.81%. The company had revenue of $289.20 million for the quarter, compared to analysts’ expectations of $264.80 million. During the same quarter in the prior year, the business earned ($2.55) earnings per share. The business’s revenue for the quarter was up 286.6% on a year-over-year basis. As a group, sell-side analysts predict that Root will post -2.13 EPS for the current fiscal year.

About Root

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.