Root (NASDAQ:ROOT) PT Lowered to $72.00

Root (NASDAQ:ROOT) had its price objective lowered by stock analysts at Jefferies Financial Group from $84.00 to $72.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s target price indicates a potential upside of 61.80% from the company’s current price.

ROOT has been the topic of several other research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $82.00 target price (down previously from $88.00) on shares of Root in a report on Friday, August 16th. Cantor Fitzgerald raised Root to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, UBS Group lowered their target price on Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a report on Tuesday, August 13th. Four 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. According to MarketBeat.com, Root currently has an average rating of “Moderate Buy” and an average price target of $55.63.

Root Price Performance

ROOT stock opened at $44.50 on Wednesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98. Root has a fifty-two week low of $7.22 and a fifty-two week high of $86.57. The business has a 50 day moving average price of $42.61 and a 200 day moving average price of $53.85. The stock has a market cap of $667.50 million, a price-to-earnings ratio of -5.73 and a beta of 2.53.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $264.80 million. During the same quarter in the previous year, the business earned ($2.55) earnings per share. The firm’s revenue for the quarter was up 286.6% on a year-over-year basis. Equities research analysts anticipate that Root will post -3.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Root in the 3rd quarter worth approximately $412,000. Algert Global LLC bought a new stake in shares of Root in the 2nd quarter worth approximately $288,000. Driehaus Capital Management LLC bought a new stake in shares of Root in the 2nd quarter worth approximately $9,154,000. Alpha DNA Investment Management LLC lifted its holdings in shares of Root by 5.5% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock worth $480,000 after purchasing an additional 486 shares during the last quarter. Finally, Hood River Capital Management LLC bought a new stake in shares of Root in the 2nd quarter worth approximately $9,547,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.