Root (NASDAQ:ROOT) Reaches New 1-Year High – Here’s What Happened

Root, Inc. (NASDAQ:ROOT) reached a new 52-week high during trading on Tuesday . The stock traded as high as $181.14 and last traded at $177.69, with a volume of 802993 shares traded. The stock had previously closed at $160.26.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ROOT. Wells Fargo & Company restated a “buy” rating on shares of Root in a research note on Sunday, March 2nd. UBS Group raised their price objective on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Root has an average rating of “Moderate Buy” and an average price target of $88.33.

Root Trading Down 10.3 %

The company has a 50 day simple moving average of $119.17 and a two-hundred day simple moving average of $84.13. 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 $2.30 billion, a PE ratio of -122.85 and a beta of 2.48.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, beating 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%. Analysts expect that Root, Inc. will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Root news, Director Doug Ulman sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the director now directly owns 6,201 shares of the company’s stock, valued at approximately $1,085,175. The trade was a 24.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.71% of the stock is owned by insiders.

Hedge Funds Weigh In On Root

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Root by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock valued at $357,000 after buying an additional 171 shares in the last quarter. MetLife Investment Management LLC grew its position in shares of Root by 5.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,382 shares of the company’s stock valued at $391,000 after acquiring an additional 255 shares during the period. Legal & General Group Plc increased its stake in shares of Root by 3.6% in the 4th quarter. Legal & General Group Plc now owns 7,955 shares of the company’s stock valued at $577,000 after purchasing an additional 273 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Root by 651.8% in the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after purchasing an additional 365 shares during the period. Finally, State Street Corp boosted its position in Root by 0.3% during the third quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after purchasing an additional 444 shares in the last quarter. 59.82% of the stock is currently owned by institutional investors and hedge funds.

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.