Root (NASDAQ:ROOT) Upgraded to Strong-Buy at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Root (NASDAQ:ROOT) to a strong-buy rating in a report released on Thursday, Zacks.com reports.

ROOT has been the topic of several other research reports. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $82.00 price target (down previously from $88.00) on shares of Root in a research report on Friday, August 16th. TD Cowen boosted their target price 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, UBS Group cut their price target on shares of Root from $71.00 to $61.00 and set a neutral rating for the company in a research note on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Root currently has a consensus rating of Moderate Buy and a consensus price target of $53.38.

Root Stock Up 2.1 %

Root stock opened at $39.88 on Thursday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.98. Root has a 1-year low of $7.22 and a 1-year high of $86.57. The company has a fifty day simple moving average of $44.42 and a 200 day simple moving average of $54.22. The company has a market cap of $598.20 million, a P/E ratio of -5.13 and a beta of 2.53.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.74) by $1.22. Root had a negative return on equity of 50.80% and a negative net margin of 9.81%. The business had revenue of $289.20 million for the quarter, compared to the consensus estimate of $264.80 million. During the same quarter in the previous year, the business earned ($2.55) earnings per share. Root’s quarterly revenue was up 286.6% on a year-over-year basis. Research analysts anticipate that Root will post -2.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Root

Several institutional investors and hedge funds have recently modified their holdings of the stock. Algert Global LLC bought a new stake in shares of Root during the 2nd quarter worth about $288,000. Sequoia Financial Advisors LLC bought a new position in Root in the 1st quarter valued at about $293,000. Vanguard Personalized Indexing Management LLC lifted its position in Root by 76.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after acquiring an additional 2,576 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Root during the third quarter worth approximately $412,000. Finally, Quantbot Technologies LP bought a new stake in shares of Root during the first quarter worth approximately $431,000. 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.