Root (NASDAQ:ROOT) Shares Up 4%

Root, Inc. (NASDAQ:ROOT)’s share price was up 4% during trading on Tuesday . The company traded as high as $69.98 and last traded at $69.46. Approximately 265,919 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 634,585 shares. The stock had previously closed at $66.81.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Wells Fargo & Company lifted their target price on Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $70.00 target price (up previously from $22.00) on shares of Root in a research report on Wednesday, April 24th. TD Cowen initiated coverage on Root in a research report on Wednesday, January 10th. They issued a “market perform” rating on the stock. Cantor Fitzgerald raised Root from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Finally, Citigroup boosted their price objective on Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $21.88.

Root Price Performance

The firm has a fifty day moving average of $51.22 and a two-hundred day moving average of $24.28. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($1.64) EPS for the quarter, beating analysts’ consensus estimates of ($2.49) by $0.85. The business had revenue of $194.80 million during the quarter, compared to analyst estimates of $108.00 million. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. As a group, equities research analysts expect that Root, Inc. will post -7.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. HST Ventures LLC raised its position in Root by 21.9% during the 4th quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock valued at $544,000 after purchasing an additional 9,317 shares during the last quarter. Cannell Capital LLC raised its position in Root by 144.0% during the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock valued at $7,515,000 after purchasing an additional 423,120 shares during the last quarter. Trexquant Investment LP raised its position in Root by 43.4% during the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock valued at $488,000 after purchasing an additional 14,096 shares during the last quarter. Jump Financial LLC bought a new position in Root during the 4th quarter valued at approximately $234,000. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of Root by 37.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after acquiring an additional 9,390 shares in the last quarter. Institutional investors own 59.82% of the company’s stock.

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.