Brokerages Set Root, Inc. (NASDAQ:ROOT) Target Price at $59.13

Root, Inc. (NASDAQ:ROOT) has been assigned an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $59.13.

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company lifted their target price on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. UBS Group lifted their target price on Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Jefferies Financial Group decreased their target price on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Cantor Fitzgerald raised Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $90.00 price objective (up from $82.00) on shares of Root in a report on Tuesday, November 5th.

Insider Buying and Selling at Root

In other news, major shareholder Meyer Malka sold 118,107 shares of Root stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $82.71, for a total value of $9,768,629.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 244,905 shares of company stock valued at $20,247,819. 11.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ROOT. Hood River Capital Management LLC bought a new position in Root in the 2nd quarter worth approximately $9,547,000. Driehaus Capital Management LLC acquired a new position in shares of Root in the 2nd quarter valued at $9,154,000. Tidal Investments LLC acquired a new position in shares of Root in the 1st quarter valued at $1,997,000. Bank of New York Mellon Corp bought a new stake in shares of Root in the 2nd quarter valued at $1,280,000. Finally, XTX Topco Ltd bought a new stake in shares of Root in the 3rd quarter valued at $645,000. Institutional investors own 59.82% of the company’s stock.

Root Trading Up 12.8 %

Shares of NASDAQ:ROOT opened at $88.91 on Friday. The company has a market cap of $1.34 billion, a P/E ratio of -72.28 and a beta of 2.34. The stock’s 50-day moving average is $48.28 and its 200-day moving average is $52.41. Root has a 52-week low of $7.22 and a 52-week high of $118.15. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The business had revenue of $305.70 million for the quarter, compared to the consensus estimate of $272.77 million. During the same period last year, the business earned ($3.16) earnings per share. The firm’s revenue for the quarter was up 165.1% compared to the same quarter last year. Equities research analysts predict that Root will post -1.2 earnings per share for the current year.

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.