Root (NASDAQ:ROOT) Trading Up 3.9% – Here’s What Happened

Root, Inc. (NASDAQ:ROOT)’s share price traded up 3.9% on Friday . The stock traded as high as $158.00 and last traded at $158.63. 251,271 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 502,328 shares. The stock had previously closed at $152.64.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company reissued a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Scotiabank reissued a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Finally, UBS Group lifted their target price on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $88.33.

Root Trading Up 5.0 %

The stock has a market cap of $2.44 billion, a price-to-earnings ratio of -130.29 and a beta of 2.48. 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 company’s 50 day simple moving average is $114.28 and its two-hundred day simple moving average is $81.48.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of ($0.63) by $1.93. The firm had revenue of $326.70 million for the quarter, compared to analyst estimates of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. Research analysts expect that Root, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its stake in Root by 651.8% in the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock valued at $31,000 after buying an additional 365 shares during the period. Point72 DIFC Ltd bought a new stake in Root in the third quarter worth approximately $33,000. KLP Kapitalforvaltning AS bought a new stake in Root in the fourth quarter worth approximately $94,000. Aquatic Capital Management LLC grew its position in Root by 92.1% in the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock worth $112,000 after acquiring an additional 737 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in Root in the fourth quarter worth approximately $154,000. Institutional investors and hedge funds 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.