Root (NASDAQ:ROOT) Shares Down 6%

Root, Inc. (NASDAQ:ROOT)’s stock price traded down 6% on Friday . The stock traded as low as $53.31 and last traded at $53.43. 345,158 shares changed hands during trading, a decline of 48% from the average session volume of 665,290 shares. The stock had previously closed at $56.85.

Analyst Ratings Changes

Several research firms recently issued reports on ROOT. Wells Fargo & Company upped their target price on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday. TD Cowen assumed coverage on shares of Root in a research note on Wednesday, January 10th. They set a “market perform” rating for the company. Jefferies Financial Group raised Root from a “hold” rating to a “buy” rating and boosted their price objective for the company from $10.00 to $40.00 in a report on Friday, March 1st. JMP Securities increased their target price on shares of Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Finally, Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $9.00 to $13.00 in a research note on Thursday, February 22nd. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Root currently has a consensus rating of “Hold” and an average target price of $39.50.

Root Stock Down 1.0 %

The business has a 50 day simple moving average of $54.52 and a 200-day simple moving average of $25.24. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.60 and a current ratio of 1.51. The firm has a market capitalization of $821.83 million, a price-to-earnings ratio of -7.32 and a beta of 2.72.

Root (NASDAQ:ROOT) last posted its quarterly earnings results 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 62.36%. The business had revenue of $254.90 million during the quarter, compared to analysts’ expectations of $203.99 million. During the same quarter in the prior year, the company posted ($2.88) EPS. The business’s revenue for the quarter was up 263.6% on a year-over-year basis. On average, equities analysts expect that Root, Inc. will post -7.87 EPS for the current year.

Hedge Funds Weigh In On Root

Several institutional investors have recently bought and sold shares of the company. Citigroup Inc. increased its stake in Root by 218,250.0% during the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after buying an additional 4,365 shares during the period. Trexquant Investment LP acquired a new stake in shares of Root in the third quarter valued at $309,000. Raymond James & Associates purchased a new position in Root in the third quarter valued at $1,315,000. Cannell Capital LLC purchased a new stake in Root during the 3rd quarter worth about $2,795,000. Finally, Barclays PLC grew its holdings in Root by 229,380.0% during the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after acquiring an additional 11,469 shares in the last quarter. 59.82% of the stock is 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.