Equities Analysts Offer Predictions for Root, Inc.’s FY2024 Earnings (NASDAQ:ROOT)

Root, Inc. (NASDAQ:ROOT) – Cantor Fitzgerald issued their FY2024 earnings per share estimates for Root in a note issued to investors on Thursday, October 3rd. Cantor Fitzgerald analyst J. Siegler anticipates that the company will post earnings per share of ($6.38) for the year. Cantor Fitzgerald has a “Strong-Buy” rating on the stock. The consensus estimate for Root’s current full-year earnings is ($2.13) per share.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $289.20 million for the quarter, compared to analyst estimates of $264.80 million. During the same quarter last year, the firm earned ($2.55) EPS. Root’s revenue for the quarter was up 286.6% compared to the same quarter last year.

Several other research analysts also recently commented on the company. UBS Group reduced their target price on Root from $71.00 to $61.00 and set a “neutral” rating for the company in a research note on Tuesday, August 13th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $82.00 target price (down from $88.00) on shares of Root in a research note on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.38.

Root Stock Up 2.1 %

NASDAQ:ROOT opened at $39.88 on Monday. The firm has a market capitalization of $598.20 million, a price-to-earnings ratio of -5.13 and a beta of 2.53. Root has a twelve month low of $7.22 and a twelve month high of $86.57. The stock’s 50 day moving average price is $44.42 and its two-hundred day moving average price is $54.22. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98.

Institutional Investors Weigh In On Root

A number of institutional investors have recently made changes to their positions in ROOT. Cannell Capital LLC boosted its position in shares of 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 in the last quarter. Sequoia Financial Advisors LLC bought a new position in Root in the first quarter worth approximately $293,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Root in the first quarter worth approximately $1,171,000. Quantbot Technologies LP bought a new position in Root in the first quarter worth approximately $431,000. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Root in the first quarter valued at approximately $434,000. 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.