JMP Securities Raises Root (NASDAQ:ROOT) Price Target to $90.00

Root (NASDAQ:ROOT) had its price objective raised by analysts at JMP Securities from $15.00 to $90.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target would suggest a potential upside of 59.89% from the company’s current price.

Several other equities research analysts also recently weighed in on ROOT. TD Cowen started coverage on shares of Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and upped their target price for the stock from $10.00 to $40.00 in a research report on Friday, March 1st. Wells Fargo & Company lifted their price target on Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $70.00 price objective (up previously from $22.00) on shares of Root in a report on Wednesday, April 24th. Finally, Cantor Fitzgerald raised Root from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $9.00 to $13.00 in a report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $39.50.

Root Stock Performance

ROOT traded down $0.56 on Wednesday, hitting $56.29. 786,624 shares of the company’s stock were exchanged, compared to its average volume of 671,350. The firm has a market cap of $821.83 million, a PE ratio of -7.24 and a beta of 2.72. Root has a twelve month low of $4.11 and a twelve month high of $86.57. The stock has a fifty day moving average of $54.52 and a two-hundred day moving average of $25.24. The company has a current ratio of 1.51, a quick ratio of 1.60 and a debt-to-equity ratio of 1.81.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Tuesday, April 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.51) by $2.09. Root had a negative return on equity of 62.36% and a negative net margin of 17.61%. The business had revenue of $254.90 million during the quarter, compared to the consensus estimate of $203.99 million. During the same period in the previous year, the firm posted ($2.88) earnings per share. The business’s revenue was up 263.6% on a year-over-year basis. On average, research analysts anticipate that Root will post -7.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ROOT. Cannell Capital LLC lifted its position in shares of Root by 144.0% in the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock valued at $7,515,000 after acquiring an additional 423,120 shares in the last quarter. Raymond James & Associates purchased a new stake in shares of Root in the 3rd quarter valued at approximately $1,315,000. HST Ventures LLC lifted its position in shares of Root by 21.9% in the 4th quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock valued at $544,000 after acquiring an additional 9,317 shares in the last quarter. Trexquant Investment LP lifted its position in shares of Root by 43.4% in the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock valued at $488,000 after acquiring an additional 14,096 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its position in shares of Root by 37.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock valued at $360,000 after acquiring an additional 9,390 shares in the last quarter. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.