Analysts Set Root, Inc. (NASDAQ:ROOT) PT at $59.13

Shares of Root, Inc. (NASDAQ:ROOT) have received a consensus recommendation of “Hold” from the nine analysts that are covering the company, MarketBeat reports. Six investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $59.13.

Several research analysts have recently issued reports on ROOT shares. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $90.00 price target (up previously from $82.00) on shares of Root in a report on Tuesday, November 5th. Wells Fargo & Company boosted their price objective on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Finally, UBS Group boosted their price target on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th.

Root Price Performance

ROOT stock opened at $77.45 on Friday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The firm has a market cap of $1.17 billion, a P/E ratio of -62.97 and a beta of 2.55. The firm’s fifty day moving average is $81.81 and its 200 day moving average is $60.41. Root has a 52 week low of $7.22 and a 52 week high of $118.15.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. The firm had revenue of $305.70 million for the quarter, compared to analysts’ expectations of $272.77 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company’s revenue for the quarter was up 165.1% compared to the same quarter last year. During the same period last year, the firm earned ($3.16) earnings per share. Research analysts predict that Root will post -1.2 earnings per share for the current year.

Insider Transactions at Root

In related news, major shareholder Meyer Malka sold 75,839 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $81.21, for a total value of $6,158,885.19. Following the completion of the transaction, the insider now directly owns 43,107 shares in the company, valued at $3,500,719.47. This trade represents a 63.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Julie Szudarek sold 2,000 shares of Root stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now directly owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 246,905 shares of company stock valued at $20,440,479. Corporate insiders own 11.71% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC bought a new stake in Root in the second quarter worth $9,547,000. Driehaus Capital Management LLC purchased a new position in Root in the second quarter worth about $9,154,000. Bank of New York Mellon Corp purchased a new position in Root in the second quarter worth about $1,280,000. XTX Topco Ltd bought a new position in shares of Root in the third quarter worth approximately $645,000. Finally, FMR LLC grew its holdings in shares of Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after buying an additional 16,348 shares during the last quarter. 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.