Root (NASDAQ:ROOT) Releases Earnings Results, Beats Estimates By $2.09 EPS

Root (NASDAQ:ROOT) posted its earnings results on Tuesday. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.51) by $2.09, Briefing.com reports. Root had a negative return on equity of 60.68% and a negative net margin of 17.61%. The company had revenue of $254.90 million for the quarter, compared to analyst estimates of $203.99 million. During the same quarter last year, the company earned ($2.88) earnings per share. The company’s revenue for the quarter was up 263.6% on a year-over-year basis.

Root Stock Performance

NASDAQ:ROOT opened at $59.63 on Thursday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.60 and a quick ratio of 1.60. The business has a fifty day simple moving average of $52.43 and a two-hundred day simple moving average of $24.71. Root has a 1 year low of $4.00 and a 1 year high of $86.57. The company has a market capitalization of $870.60 million, a P/E ratio of -9.01 and a beta of 2.72.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ROOT shares. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and raised their target price for the company from $10.00 to $40.00 in a report on Friday, March 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $70.00 price target (up from $22.00) on shares of Root in a research report on Wednesday, April 24th. Citigroup increased their price target on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. JMP Securities increased their price target on Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a research report on Wednesday. Finally, TD Cowen assumed coverage on Root in a research report on Wednesday, January 10th. They set a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Root presently has a consensus rating of “Hold” and an average target price of $39.50.

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.