Root (NASDAQ:ROOT) Hits New 12-Month High – Here’s Why

Shares of Root, Inc. (NASDAQ:ROOT) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $154.52 and last traded at $152.34, with a volume of 605386 shares trading hands. The stock had previously closed at $151.73.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ROOT shares. Citizens Jmp cut Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. JMP Securities cut Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. UBS Group lifted their price objective on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, March 7th. Scotiabank restated a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Finally, Wells Fargo & Company restated a “buy” rating on shares of Root in a research note on Sunday, March 2nd. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.33.

Root Trading Up 2.3 %

The business has a fifty day moving average of $111.11 and a 200-day moving average of $79.88. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -125.40 and a beta of 2.48. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $1.93. The firm had revenue of $326.70 million for the quarter, compared to analyst estimates of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. On average, equities analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ROOT. T. Rowe Price Investment Management Inc. acquired a new position in Root during the fourth quarter worth about $29,661,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Root by 163.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock worth $9,286,000 after purchasing an additional 79,317 shares in the last quarter. Renaissance Technologies LLC increased its stake in Root by 41.8% in the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock worth $19,129,000 after purchasing an additional 77,699 shares in the last quarter. Vanguard Group Inc. increased its stake in Root by 16.2% in the 4th quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after purchasing an additional 73,413 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Root in the 4th quarter worth about $3,834,000. 59.82% of the stock is 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.