Root, Inc. (NASDAQ:ROOT) rose 5.5% on Friday . The company traded as high as $6.49 and last traded at $6.30. Approximately 103,347 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 4,797,894 shares. The stock had previously closed at $5.97.
ROOT has been the subject of a number of analyst reports. Citigroup decreased their price target on Root from $11.50 to $6.00 and set a “neutral” rating for the company in a report on Monday, August 23rd. Cantor Fitzgerald reduced their target price on Root from $21.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, August 13th. Royal Bank of Canada increased their target price on Root to $3.00 and gave the company a “sector perform” rating in a research note on Monday, June 14th. Morgan Stanley reduced their target price on Root from $14.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 19th. Finally, Zacks Investment Research cut Root from a “hold” rating to a “sell” rating in a research note on Tuesday, August 17th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Root currently has an average rating of “Hold” and an average target price of $10.92.
The company has a 50-day simple moving average of $6.86 and a two-hundred day simple moving average of $9.50. The stock has a market capitalization of $1.60 billion and a price-to-earnings ratio of -1.57.
Several large investors have recently added to or reduced their stakes in the company. Northern Trust Corp grew its stake in shares of Root by 2.5% in the first quarter. Northern Trust Corp now owns 50,769 shares of the company’s stock worth $646,000 after purchasing an additional 1,261 shares in the last quarter. SRS Capital Advisors Inc. bought a new position in shares of Root in the second quarter worth $27,000. Royal Bank of Canada grew its stake in shares of Root by 28.9% in the second quarter. Royal Bank of Canada now owns 20,200 shares of the company’s stock worth $219,000 after purchasing an additional 4,523 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Root by 28.2% in the first quarter. Stifel Financial Corp now owns 22,750 shares of the company’s stock worth $290,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Advisor Group Holdings Inc. grew its stake in shares of Root by 85.2% in the second quarter. Advisor Group Holdings Inc. now owns 14,450 shares of the company’s stock worth $156,000 after purchasing an additional 6,648 shares in the last quarter. 24.23% of the stock is owned by institutional investors.
About Root (NASDAQ:ROOT)
Root, Inc provides insurance products and services in the United States. The company offers auto, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners.
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