Root (NASDAQ:ROOT) Trading Up 6.8%

Root, Inc. (NASDAQ:ROOT) shares traded up 6.8% during mid-day trading on Friday . The company traded as high as $39.83 and last traded at $39.68. 68,220 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 503,140 shares. The stock had previously closed at $37.17.

Analysts Set New Price Targets

Several equities analysts have commented on the company. UBS Group lowered their price objective on Root from $71.00 to $61.00 and set a “neutral” rating for the company in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $82.00 price objective (down previously from $88.00) on shares of Root in a research note on Friday, August 16th. Finally, TD Cowen raised their target price 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. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Root presently has a consensus rating of “Hold” and a consensus target price of $47.78.

Root Stock Up 8.6 %

The stock has a market cap of $605.40 million, a PE ratio of -5.19 and a beta of 2.54. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.43 and a quick ratio of 1.43. The company has a 50 day moving average price of $54.04 and a two-hundred day moving average price of $54.68.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($1.74) by $1.22. The company had revenue of $289.20 million during the quarter, compared to the consensus estimate of $264.80 million. Root had a negative return on equity of 50.80% and a negative net margin of 9.81%. Root’s revenue for the quarter was up 286.6% on a year-over-year basis. During the same period last year, the company earned ($2.55) EPS. Analysts expect that Root, Inc. will post -2.13 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ROOT. Alpha DNA Investment Management LLC grew its position in Root by 5.5% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock worth $480,000 after purchasing an additional 486 shares during the period. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Root by 76.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after buying an additional 2,576 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Root in the 1st quarter worth $293,000. Algert Global LLC bought a new stake in shares of Root in the second quarter worth $288,000. Finally, Quantbot Technologies LP purchased a new stake in Root during the first quarter valued at $431,000. 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.