Analysts Set Root, Inc. (NASDAQ:ROOT) Price Target at $41.89

Root, Inc. (NASDAQ:ROOT) has received an average recommendation of “Hold” from the nine research firms that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $41.89.

A number of analysts have commented on the stock. TD Cowen upped their price objective on shares of Root from $11.00 to $51.00 and gave the company a “hold” rating in a research note on Wednesday, June 5th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $80.00 target price (up previously from $70.00) on shares of Root in a report on Tuesday, May 7th. 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 report on Wednesday, May 1st. Finally, JMP Securities upped their target price on Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, May 1st.

Insider Buying and Selling

In related news, major shareholder Meyer Malka sold 13,300 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $60.58, for a total value of $805,714.00. Following the transaction, the insider now owns 43,107 shares in the company, valued at $2,611,422.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Meyer Malka sold 13,300 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $60.58, for a total value of $805,714.00. Following the transaction, the insider now owns 43,107 shares in the company, valued at $2,611,422.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Beth A. Birnbaum sold 1,735 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $43.67, for a total value of $75,767.45. Following the completion of the transaction, the director now owns 16,013 shares in the company, valued at approximately $699,287.71. The disclosure for this sale can be found here. 11.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Root

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ROOT. Citigroup Inc. grew its holdings in 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 purchasing an additional 4,365 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Root by 37.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock valued at $360,000 after purchasing an additional 9,390 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Root in the fourth quarter valued at approximately $234,000. Trexquant Investment LP boosted its position in shares of Root by 43.4% in the fourth 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 during the period. Finally, Cannell Capital LLC boosted its position in shares of Root by 144.0% in the fourth 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 during the period. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Price Performance

ROOT stock opened at $79.41 on Friday. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.81. Root has a one year low of $7.22 and a one year high of $86.57. The firm has a market capitalization of $1.18 billion, a PE ratio of -10.22 and a beta of 2.57. The firm has a 50-day moving average of $55.52 and a two-hundred day moving average of $42.65.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $254.90 million during the quarter, compared to analyst estimates of $203.99 million. During the same period in the prior year, the firm earned ($2.88) earnings per share. The business’s quarterly revenue was up 263.6% on a year-over-year basis. On average, analysts forecast that Root will post -4.03 earnings per share for the current year.

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.