Root (NASDAQ:ROOT) Trading Down 11% – What’s Next?

Root, Inc. (NASDAQ:ROOT)’s share price was down 11% during trading on Thursday . The stock traded as low as $105.05 and last traded at $105.66. Approximately 143,055 shares traded hands during trading, a decline of 62% from the average daily volume of 376,088 shares. The stock had previously closed at $118.69.

Analyst Ratings Changes

Several analysts recently commented on ROOT shares. UBS Group raised their target price on Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Citizens Jmp lowered Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. JMP Securities downgraded Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Wells Fargo & Company raised their target price on Root from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 14th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $90.00 target price (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $59.38.

Root Price Performance

The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -81.47 and a beta of 2.58. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The stock has a 50 day moving average price of $90.52 and a two-hundred day moving average price of $69.04.

Institutional Trading of Root

A number of institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Root by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock worth $357,000 after buying an additional 171 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in Root by 5.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,382 shares of the company’s stock worth $391,000 after buying an additional 255 shares during the last quarter. Legal & General Group Plc lifted its holdings in Root by 3.6% during the 4th quarter. Legal & General Group Plc now owns 7,955 shares of the company’s stock worth $577,000 after buying an additional 273 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Root by 651.8% during the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after buying an additional 365 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Root by 0.3% in the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after purchasing an additional 444 shares during the last quarter. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.