Root (NASDAQ:ROOT) Shares Gap Up – Time to Buy?

Root, Inc. (NASDAQ:ROOT) gapped up prior to trading on Monday . The stock had previously closed at $160.26, but opened at $168.42. Root shares last traded at $174.77, with a volume of 202,548 shares changing hands.

Analysts Set New Price Targets

Several research firms recently issued reports on ROOT. Wells Fargo & Company restated a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Scotiabank restated a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Finally, UBS Group upped their price target on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a 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 company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.33.

Root Stock Down 5.1 %

The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The stock has a market capitalization of $2.56 billion, a PE ratio of -137.03 and a beta of 2.48. The company has a 50 day moving average price of $117.87 and a 200-day moving average price of $83.66.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $326.70 million for the quarter, compared to the consensus estimate of $287.79 million. As a group, analysts forecast that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Root

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Root by 16.2% during the 4th quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after acquiring an additional 73,413 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in shares of Root during the fourth quarter valued at approximately $29,661,000. Renaissance Technologies LLC grew its stake in Root by 41.8% in the fourth quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock worth $19,129,000 after purchasing an additional 77,699 shares during the period. State Street Corp raised its holdings in Root by 0.3% in the third quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after purchasing an additional 444 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Root by 163.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock valued at $9,286,000 after buying an additional 79,317 shares during the period. 59.82% of the stock is owned by institutional investors.

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.