Root (NASDAQ:ROOT) Stock Rating Reaffirmed by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their outperform rating on shares of Root (NASDAQ:ROOT) in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $70.00 price target on the stock, up from their previous price target of $22.00.

Several other equities analysts also recently commented on the stock. Jefferies Financial Group upgraded shares of Root from a hold rating to a buy rating and boosted their price target for the stock from $10.00 to $40.00 in a research note on Friday, March 1st. JMP Securities reiterated a market outperform rating and set a $15.00 target price on shares of Root in a research note on Monday, April 15th. Wells Fargo & Company boosted their target price on shares of Root from $11.00 to $12.00 and gave the stock an equal weight rating in a research note on Thursday, February 22nd. Citigroup boosted 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. Finally, TD Cowen started coverage on shares of Root in a research note on Wednesday, January 10th. They set a market perform rating for the company. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $21.88.

Root Stock Performance

NASDAQ:ROOT opened at $64.40 on Wednesday. The company has a fifty day simple moving average of $50.06 and a two-hundred day simple moving average of $23.79. The company has a market cap of $940.24 million, a price-to-earnings ratio of -6.30 and a beta of 2.86. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80. Root has a 52 week low of $3.90 and a 52 week high of $85.99.

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

Hedge Funds Weigh In On Root

Several large investors have recently bought and sold shares of the stock. Citigroup Inc. raised its holdings in shares of Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after buying an additional 4,365 shares during the last quarter. HST Ventures LLC raised its holdings in shares of Root by 21.9% in the fourth quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock valued at $544,000 after buying an additional 9,317 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Root by 37.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock valued at $360,000 after buying an additional 9,390 shares during the last quarter. Barclays PLC raised its holdings in shares of Root by 229,380.0% in the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after buying an additional 11,469 shares during the last quarter. Finally, Corton Capital Inc. purchased a new stake in shares of Root in the third quarter valued at about $120,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.