Jefferies Financial Group Trims Root (NASDAQ:ROOT) Target Price to $72.00

Root (NASDAQ:ROOT) had its target price lowered by analysts at Jefferies Financial Group from $84.00 to $72.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s target price points to a potential upside of 88.48% from the company’s previous close.

Several other equities research analysts have also commented on ROOT. Cantor Fitzgerald raised shares of Root to a “strong-buy” rating in a report on Thursday, October 3rd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $82.00 target price (down previously from $88.00) on shares of Root in a research note on Friday, August 16th. Finally, UBS Group reduced their price target on shares of Root from $71.00 to $61.00 and set a “neutral” rating for the company in a research report on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.38.

Root Stock Performance

Shares of ROOT traded up $0.62 during mid-day trading on Wednesday, reaching $38.20. The company had a trading volume of 201,516 shares, compared to its average volume of 474,283. The stock has a market capitalization of $569.18 million, a P/E ratio of -4.92 and a beta of 2.53. Root has a 52-week low of $7.22 and a 52-week high of $86.57. The stock has a 50 day moving average of $43.32 and a two-hundred day moving average of $54.03. 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 (NASDAQ:ROOT) last posted its earnings results on Wednesday, August 7th. The company reported ($0.52) EPS 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 firm had revenue of $289.20 million for the quarter, compared to analysts’ expectations of $264.80 million. The company’s quarterly revenue was up 286.6% on a year-over-year basis. During the same period last year, the firm earned ($2.55) EPS. On average, analysts expect that Root will post -2.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Algert Global LLC purchased a new position in shares of Root during the 2nd quarter worth $288,000. Sequoia Financial Advisors LLC acquired a new stake in Root during the first quarter worth about $293,000. Vanguard Personalized Indexing Management LLC raised its stake in Root by 76.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after purchasing an additional 2,576 shares during the period. SG Americas Securities LLC acquired a new position in Root in the 3rd quarter valued at about $412,000. Finally, Quantbot Technologies LP acquired a new position in Root in the 1st quarter valued at about $431,000. 59.82% of the stock is currently owned by institutional investors and hedge funds.

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.