Root (NASDAQ:ROOT) PT Lowered to $64.00

Root (NASDAQ:ROOT) had its target price cut by Wells Fargo & Company from $71.00 to $64.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also recently weighed in on ROOT. UBS Group reduced their target price on Root from $71.00 to $61.00 and set a neutral rating on the stock in a report on Tuesday, August 13th. Keefe, Bruyette & Woods reissued an outperform rating and set a $82.00 target price (down previously from $88.00) on shares of Root in a research report on Friday, August 16th. Cantor Fitzgerald upgraded shares of Root to a strong-buy rating in a report on Thursday, October 3rd. Finally, Jefferies Financial Group decreased their price objective on shares of Root from $84.00 to $72.00 and set a buy rating for the company in a research note on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Root currently has a consensus rating of Moderate Buy and a consensus price target of $55.63.

Root Stock Performance

Shares of ROOT opened at $42.74 on Thursday. Root has a 1 year low of $7.22 and a 1 year high of $86.57. The company’s 50 day simple moving average is $42.34 and its 200 day simple moving average is $53.71. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.43 and a quick ratio of 1.43.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.74) by $1.22. The firm had revenue of $289.20 million for the quarter, compared to analyst estimates of $264.80 million. Root had a negative return on equity of 50.80% and a negative net margin of 9.81%. The firm’s quarterly revenue was up 286.6% on a year-over-year basis. During the same period last year, the company earned ($2.55) EPS. As a group, research analysts forecast that Root will post -2.13 earnings per share for the current year.

Institutional Trading of Root

Several institutional investors have recently added to or reduced their stakes in the stock. Alpha DNA Investment Management LLC lifted its position in shares of Root by 5.5% during the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock worth $480,000 after purchasing an additional 486 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Root by 76.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after acquiring an additional 2,576 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Root during the 1st quarter valued at approximately $293,000. Algert Global LLC bought a new position in Root during the second quarter worth $288,000. Finally, Quantbot Technologies LP acquired a new position in Root in the first quarter worth $431,000. 59.82% of the stock is 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.