Root, Inc. (NASDAQ:ROOT) Receives $59.13 Average PT from Analysts

Root, Inc. (NASDAQ:ROOT) has received a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the firm, Marketbeat Ratings reports. Four 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. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $59.13.

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $90.00 price objective (up from $82.00) on shares of Root in a research note on Tuesday, November 5th. UBS Group increased their target price on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Wells Fargo & Company increased their price objective on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Jefferies Financial Group cut their price objective on Root from $84.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a report on Thursday, October 3rd.

Root Stock Performance

ROOT opened at $88.91 on Friday. The firm has a market cap of $1.34 billion, a PE ratio of -72.28 and a beta of 2.34. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The business has a fifty day simple moving average of $48.28 and a 200-day simple moving average of $52.41. Root has a fifty-two week low of $7.22 and a fifty-two week high of $118.15.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, topping the consensus estimate of ($0.61) by $1.96. The business had revenue of $305.70 million during the quarter, compared to analyst estimates of $272.77 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company’s revenue was up 165.1% compared to the same quarter last year. During the same period last year, the company posted ($3.16) EPS. As a group, equities analysts predict that Root will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Root

In other Root news, major shareholder Meyer Malka sold 50,959 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $84.78, for a total transaction of $4,320,304.02. Following the transaction, the insider now directly owns 102 shares in the company, valued at $8,647.56. This trade represents a 99.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 244,905 shares of company stock worth $20,247,819 over the last three months. Corporate insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On Root

Several institutional investors have recently bought and sold shares of ROOT. Point72 DIFC Ltd bought a new position in Root during the third quarter valued at about $33,000. MetLife Investment Management LLC grew its position in shares of Root by 129.1% in the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock valued at $194,000 after purchasing an additional 2,889 shares during the last quarter. Versor Investments LP acquired a new stake in shares of Root in the third quarter valued at about $216,000. Algert Global LLC acquired a new stake in shares of Root in the second quarter valued at about $288,000. Finally, MML Investors Services LLC acquired a new stake in shares of Root in the third quarter valued at about $288,000. 59.82% of the stock is currently owned by institutional investors.

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.