Root (NASDAQ:ROOT) Upgraded to “Strong-Buy” by Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Root (NASDAQ:ROOT) to a strong-buy rating in a report published on Thursday morning, Zacks.com reports.

Several other analysts also recently commented on ROOT. UBS Group dropped their target price on shares of Root from $71.00 to $61.00 and set a neutral rating on the stock in a report on Tuesday, August 13th. TD Cowen raised their price objective on shares of Root from $11.00 to $51.00 and gave the stock a hold rating in a report on Wednesday, June 5th. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $82.00 price objective (down from $88.00) on shares of Root in a research report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $53.38.

Root Price Performance

ROOT opened at $39.06 on Thursday. The stock has a market cap of $581.99 million, a P/E ratio of -5.03 and a beta of 2.53. Root has a 12 month low of $7.22 and a 12 month high of $86.57. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98. The company has a fifty day simple moving average of $45.52 and a 200 day simple moving average of $54.41.

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

Institutional Investors Weigh In On Root

Several institutional investors and hedge funds have recently added to or reduced their stakes in ROOT. Algert Global LLC bought a new stake in shares of Root during the 2nd quarter worth approximately $288,000. Sequoia Financial Advisors LLC bought a new position in shares of Root in the first quarter valued at $293,000. Vanguard Personalized Indexing Management LLC increased its holdings in Root by 76.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after buying an additional 2,576 shares during the last quarter. SG Americas Securities LLC bought a new stake in Root during the third quarter worth $412,000. Finally, Quantbot Technologies LP acquired a new stake in Root in the first quarter valued at $431,000. 59.82% of the stock is owned by 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.