Root (NASDAQ:ROOT) Price Target Raised to $78.00

Root (NASDAQ:ROOT) had its target price upped by Wells Fargo & Company from $64.00 to $78.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a research note on Thursday, October 3rd. JMP Securities reissued a “market outperform” rating and issued a $90.00 target price on shares of Root in a research report on Tuesday, October 15th. Jefferies Financial Group dropped their price target on shares of Root from $84.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $82.00 price target (down from $88.00) on shares of Root in a research note on Friday, August 16th. Finally, UBS Group lowered their price objective on shares of Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Four equities 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. Based on data from MarketBeat, Root presently has a consensus rating of “Moderate Buy” and an average target price of $57.38.

Root Stock Performance

Shares of Root stock opened at $71.01 on Friday. Root has a 1 year low of $7.22 and a 1 year high of $118.15. The firm’s 50-day moving average is $41.20 and its 200 day moving average is $51.26. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -57.73 and a beta of 2.34. 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 posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 10.13%. The firm had revenue of $305.70 million for the quarter, compared to analysts’ expectations of $272.77 million. During the same quarter in the prior year, the company posted ($3.16) earnings per share. The business’s revenue for the quarter was up 165.1% on a year-over-year basis. Sell-side analysts anticipate that Root will post -2.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ROOT. Hood River Capital Management LLC bought a new position in Root in the 2nd quarter worth $9,547,000. Driehaus Capital Management LLC purchased a new position in shares of Root during the 2nd quarter valued at about $9,154,000. Tidal Investments LLC bought a new position in shares of Root during the 1st quarter valued at approximately $1,997,000. Bank of New York Mellon Corp purchased a new stake in Root in the 2nd quarter worth approximately $1,280,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Root during the 1st quarter worth approximately $1,171,000. Hedge funds and other institutional investors 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.