Root, Inc. (NASDAQ:ROOT) Receives $59.38 Average Target Price from Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have earned an average rating of “Hold” from the nine research firms that are currently covering the company, Marketbeat reports. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $59.38.

Several analysts have recently commented on the stock. JMP Securities downgraded shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $90.00 price target (up from $82.00) on shares of Root in a research note on Tuesday, November 5th. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. UBS Group raised their target price on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Finally, Jefferies Financial Group dropped their price target on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th.

Root Stock Performance

Shares of Root stock opened at $97.50 on Wednesday. The business has a 50-day moving average price of $83.49 and a two-hundred day moving average price of $64.07. Root has a 1-year low of $7.22 and a 1-year high of $118.15. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The company has a market cap of $1.47 billion, a P/E ratio of -79.27 and a beta of 2.55.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, topping the consensus estimate of ($0.61) by $1.96. The business had revenue of $305.70 million during 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 firm’s revenue was up 165.1% on a year-over-year basis. During the same quarter last year, the firm posted ($3.16) earnings per share. As a group, analysts anticipate that Root will post -0.08 EPS for the current year.

Insiders Place Their Bets

In other news, Director Julie Szudarek sold 2,000 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total value of $192,660.00. Following the completion of the sale, the director now owns 15,003 shares in the company, valued at $1,445,238.99. This represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Meyer Malka sold 118,107 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $82.71, for a total transaction of $9,768,629.97. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,946 shares of company stock valued at $16,120,175. Corporate insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On Root

Hedge funds and other institutional investors have recently modified their holdings of the business. Point72 DIFC Ltd purchased a new position in Root in the third quarter worth $33,000. MetLife Investment Management LLC boosted its holdings in shares of Root by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after buying an additional 2,889 shares during the last quarter. Versor Investments LP bought a new position in Root during the third quarter valued at about $216,000. Wesbanco Bank Inc. purchased a new stake in Root during the fourth quarter worth about $218,000. Finally, Franklin Resources Inc. bought a new stake in Root in the third quarter worth about $249,000. 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.