Root’s (ROOT) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reissued their market outperform rating on shares of Root (NASDAQ:ROOT) in a research note released on Monday, Benzinga reports. The brokerage currently has a $15.00 price target on the stock.

Several other research firms have also recently issued reports on ROOT. TD Cowen began coverage on shares of Root in a research note on Wednesday, January 10th. They issued a market perform rating for the company. Citigroup increased their target price on shares of Root from $11.00 to $12.00 and gave the stock a neutral rating in a research note on Friday, February 23rd. Cantor Fitzgerald upgraded Root from a neutral rating to an overweight rating and raised their target price for the company from $9.00 to $13.00 in a research report on Thursday, February 22nd. Keefe, Bruyette & Woods raised Root from a market perform rating to an outperform rating and upped their price target for the stock from $10.00 to $22.00 in a report on Monday, February 26th. Finally, Jefferies Financial Group raised Root from a hold rating to a buy rating and raised their price objective for the company from $10.00 to $40.00 in a report on Friday, March 1st. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $15.88.

Root Stock Performance

NASDAQ ROOT opened at $53.72 on Monday. Root has a fifty-two week low of $3.63 and a fifty-two week high of $85.99. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60. The firm has a market capitalization of $784.31 million, a P/E ratio of -5.25 and a beta of 2.86. The stock has a 50-day simple moving average of $43.15 and a two-hundred day simple moving average of $21.42.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, beating the consensus estimate of ($2.49) by $0.85. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The company had revenue of $194.80 million during the quarter, compared to analysts’ expectations of $108.00 million. On average, equities analysts forecast that Root will post -7.87 earnings per share for the current year.

Institutional Investors Weigh In On Root

Several large investors have recently bought and sold shares of the company. Advisor Group Holdings Inc. boosted its stake in Root by 28.1% during the 1st quarter. Advisor Group Holdings Inc. now owns 27,595 shares of the company’s stock worth $54,000 after purchasing an additional 6,050 shares during the last quarter. Swiss National Bank raised its holdings in Root by 37.1% in the 1st quarter. Swiss National Bank now owns 172,300 shares of the company’s stock valued at $339,000 after acquiring an additional 46,600 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Root in the 1st quarter valued at about $924,000. BlackRock Inc. lifted its stake in Root by 15.3% in the 1st quarter. BlackRock Inc. now owns 1,640,566 shares of the company’s stock worth $3,231,000 after purchasing an additional 217,175 shares in the last quarter. Finally, Ergoteles LLC acquired a new position in shares of Root during the 1st quarter worth approximately $226,000. 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.