Root, Inc. (NASDAQ:ROOT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Root, Inc. (NASDAQ:ROOT) have received a consensus recommendation of “Moderate Buy” from the eight analysts that are presently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $59.13.

A number of research firms have weighed in on ROOT. Cantor Fitzgerald raised Root to a “strong-buy” rating in a report on Thursday, October 3rd. JMP Securities reaffirmed a “market outperform” rating and set a $90.00 target price on shares of Root in a report on Tuesday, October 15th. Wells Fargo & Company lifted their target price on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. UBS Group lifted their target price on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Finally, Jefferies Financial Group reduced their target price on Root from $84.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 9th.

Insider Buying and Selling

In other Root news, major shareholder Meyer Malka sold 118,107 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $82.71, for a total value of $9,768,629.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 244,905 shares of company stock worth $20,247,819 in the last quarter. 11.71% of the stock is owned by insiders.

Institutional Trading of Root

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd purchased a new position in shares of Root during the third quarter valued at approximately $33,000. MetLife Investment Management LLC increased its stake in shares of Root by 129.1% during the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock valued at $194,000 after buying an additional 2,889 shares during the period. Versor Investments LP purchased a new position in shares of Root during the third quarter valued at approximately $216,000. Algert Global LLC purchased a new position in shares of Root during the second quarter valued at approximately $288,000. Finally, MML Investors Services LLC purchased a new position in shares of Root during the third quarter valued at approximately $288,000. Institutional investors own 59.82% of the company’s stock.

Root Trading Up 5.8 %

Shares of ROOT opened at $101.07 on Friday. The business has a 50-day moving average of $50.75 and a 200 day moving average of $53.00. Root has a fifty-two week low of $7.22 and a fifty-two week high of $118.15. The firm has a market cap of $1.53 billion, a P/E ratio of -82.17 and a beta of 2.34. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39.

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

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.