Root (NASDAQ:ROOT) Trading Down 4.6%

Root, Inc. (NASDAQ:ROOT) shares were down 4.6% during mid-day trading on Thursday . The company traded as low as $37.50 and last traded at $37.52. Approximately 25,129 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 479,686 shares. The stock had previously closed at $39.31.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ROOT shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $82.00 price objective (down previously from $88.00) on shares of Root in a report on Friday, August 16th. UBS Group cut their price objective on Root from $71.00 to $61.00 and set a “neutral” rating for the company in a research report on Tuesday, August 13th. Finally, TD Cowen upped their target price on shares of Root from $11.00 to $51.00 and gave the company a “hold” rating in a research report on Wednesday, June 5th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

Root Price Performance

The company’s 50-day moving average price is $45.52 and its 200-day moving average price is $54.41. The firm has a market cap of $570 million, a price-to-earnings ratio of -4.75 and a beta of 2.54. 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 released its earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.74) by $1.22. The firm had revenue of $289.20 million for the quarter, compared to analyst estimates of $264.80 million. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The business’s quarterly revenue was up 286.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.55) earnings per share. On average, equities research analysts forecast that Root, Inc. will post -2.13 EPS for the current year.

Hedge Funds Weigh In On Root

Several hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC purchased a new stake in shares of Root during the 2nd quarter worth approximately $288,000. Sequoia Financial Advisors LLC purchased a new stake in Root in the first quarter valued at $293,000. Vanguard Personalized Indexing Management LLC boosted its stake in Root by 76.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after acquiring an additional 2,576 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Root during the third quarter worth about $412,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Root during the first quarter worth about $431,000. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

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.