Root (NASDAQ:ROOT) Reaches New 12-Month High – What’s Next?

Root, Inc. (NASDAQ:ROOT)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $145.98 and last traded at $138.14, with a volume of 185232 shares trading hands. The stock had previously closed at $135.89.

Analysts Set New Price Targets

ROOT has been the subject of a number of analyst reports. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Wells Fargo & Company reissued a “buy” rating on shares of Root in a report on Sunday, March 2nd. UBS Group upped their price objective on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, March 7th. Citizens Jmp downgraded Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Scotiabank restated a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $88.33.

Root Trading Up 2.4 %

The firm has a market cap of $2.11 billion, a P/E ratio of -113.25 and a beta of 2.48. The stock has a 50 day simple moving average of $102.51 and a 200-day simple moving average of $75.76. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The company had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. On average, equities research analysts expect that Root, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its position in Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after purchasing an additional 16,348 shares during the period. Barclays PLC raised its holdings in Root by 361.6% during the 3rd quarter. Barclays PLC now owns 14,033 shares of the company’s stock valued at $529,000 after buying an additional 10,993 shares during the period. Versor Investments LP bought a new stake in Root in the third quarter worth $216,000. Nordea Investment Management AB raised its stake in shares of Root by 7.3% in the fourth quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock valued at $1,497,000 after acquiring an additional 1,416 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of Root in the 3rd quarter worth about $428,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.