Root (NASDAQ:ROOT) Price Target Increased to $78.00 by Analysts at Wells Fargo & Company

Root (NASDAQ:ROOT) had its price objective hoisted by Wells Fargo & Company from $64.00 to $78.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities research analysts have also issued research reports about the company. Citigroup lifted their price target on Root from $11.00 to $12.00 and gave the stock a neutral rating in a research note on Friday, February 23rd. JMP Securities upped their target price on Root from $15.00 to $90.00 and gave the stock a market outperform rating in a research note on Wednesday. TD Cowen assumed coverage on shares of Root in a research note on Wednesday, January 10th. They set a market perform rating on the stock. Jefferies Financial Group upgraded shares of Root from a hold rating to a buy rating and boosted their price objective for the stock from $10.00 to $40.00 in a report on Friday, March 1st. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $70.00 target price (up previously from $22.00) on shares of Root in a report on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $39.50.

Root Stock Up 0.4 %

Shares of NASDAQ ROOT opened at $69.91 on Wednesday. The stock’s 50-day simple moving average is $52.43 and its two-hundred day simple moving average is $24.71. Root has a twelve month low of $3.90 and a twelve month high of $86.57. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Tuesday, April 30th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($2.51) by $2.09. Root had a negative net margin of 17.61% and a negative return on equity of 60.68%. The firm had revenue of $254.90 million for the quarter, compared to analysts’ expectations of $203.99 million. During the same quarter last year, the company posted ($2.88) EPS. The business’s quarterly revenue was up 263.6% on a year-over-year basis. On average, analysts predict that Root will post -7.87 EPS for the current year.

Institutional Investors Weigh In On Root

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. increased its stake in shares of Root by 218,250.0% during 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 period. Barclays PLC increased its position in Root by 229,380.0% during the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after purchasing an additional 11,469 shares during the period. Corton Capital Inc. bought a new position in Root in the 3rd quarter worth $120,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Root in the 3rd quarter worth about $158,000. Finally, Jump Financial LLC bought a new stake in shares of Root during the 4th quarter valued at about $234,000. 59.82% of the stock is currently owned by 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.