Root, Inc. (NASDAQ:ROOT) Given Average Rating of “Hold” by Brokerages

Shares of Root, Inc. (NASDAQ:ROOT) have received an average recommendation of “Hold” from the nine research firms that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $47.56.

ROOT has been the subject of several recent analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating and set a $80.00 target price (up from $70.00) on shares of Root in a research note on Tuesday, May 7th. UBS Group lowered their target price on shares of Root from $71.00 to $61.00 and set a “neutral” rating for the company in a research note on Tuesday. JMP Securities increased their price target on Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 1st. TD Cowen increased their price objective on shares of Root from $11.00 to $51.00 and gave the stock a “hold” rating in a report on Wednesday, June 5th. Finally, Wells Fargo & Company lifted their target price on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st.

Root Stock Performance

Shares of NASDAQ:ROOT opened at $46.09 on Wednesday. The company has a 50 day moving average of $56.50 and a two-hundred day moving average of $49.73. Root has a 52-week low of $7.22 and a 52-week high of $86.57. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($1.74) by $1.22. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The business had revenue of $289.20 million during the quarter, compared to the consensus estimate of $264.80 million. During the same period in the prior year, the firm earned ($2.55) earnings per share. The business’s quarterly revenue was up 286.6% compared to the same quarter last year. Sell-side analysts predict that Root will post -2.63 EPS for the current fiscal year.

Insider Activity at Root

In other Root news, Director Beth A. Birnbaum sold 1,735 shares of Root stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $43.67, for a total value of $75,767.45. Following the transaction, the director now owns 16,013 shares in the company, valued at $699,287.71. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On Root

A number of hedge funds have recently modified their holdings of the stock. Venator Management LLC purchased a new stake in Root during the second quarter valued at about $516,000. Vanguard Personalized Indexing Management LLC lifted its stake in Root by 76.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after acquiring an additional 2,576 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Root by 2,355.5% in the 2nd quarter. Rhumbline Advisers now owns 11,590 shares of the company’s stock valued at $598,000 after purchasing an additional 11,118 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Root in the second quarter worth about $1,280,000. Finally, Tidal Investments LLC acquired a new stake in Root in the 1st quarter worth approximately $1,997,000. 59.82% of the stock is currently 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.