Root (NASDAQ:ROOT) Shares Down 2.8%

Root, Inc. (NASDAQ:ROOT)’s share price traded down 2.8% during mid-day trading on Wednesday . The stock traded as low as $39.72 and last traded at $39.81. 17,217 shares were traded during trading, a decline of 97% from the average session volume of 499,031 shares. The stock had previously closed at $40.96.

Analysts Set New Price Targets

A number of equities analysts have commented on ROOT shares. UBS Group cut their price objective on shares of Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a report on Tuesday, August 13th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $82.00 price target (down previously from $88.00) on shares of Root in a research note on Friday, August 16th. Finally, TD Cowen increased their price target on Root from $11.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, June 5th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Root presently has a consensus rating of “Hold” and an average target price of $47.78.

Root Price Performance

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98. The company has a 50 day simple moving average of $53.64 and a 200-day simple moving average of $54.93. The stock has a market cap of $587.10 million, a price-to-earnings ratio of -5.27 and a beta of 2.54.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $289.20 million for the quarter, compared to analysts’ expectations of $264.80 million. During the same period last year, the business posted ($2.55) earnings per share. The firm’s revenue for the quarter was up 286.6% on a year-over-year basis. As a group, research analysts anticipate that Root, Inc. will post -2.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Root

A number of institutional investors have recently modified their holdings of the business. Algert Global LLC acquired a new position in Root in the second quarter valued at approximately $288,000. Driehaus Capital Management LLC acquired a new position in shares of Root during the second quarter valued at $9,154,000. Alpha DNA Investment Management LLC grew its position in shares of Root by 5.5% during the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock worth $480,000 after acquiring an additional 486 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of Root during the second quarter worth about $9,547,000. Finally, Venator Management LLC bought a new stake in Root in the 2nd quarter valued at about $516,000. 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.