Root (NASDAQ:ROOT) Downgraded to Hold Rating by Citizens Jmp

Root (NASDAQ:ROOT) was downgraded by equities researchers at Citizens Jmp from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other analysts also recently issued reports on ROOT. UBS Group lifted their target price on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Wells Fargo & Company boosted their price target on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Cantor Fitzgerald raised Root to a “strong-buy” rating in a report on Thursday, October 3rd. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $90.00 price target (up from $82.00) on shares of Root in a research report on Tuesday, November 5th. Six investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Root presently has an average rating of “Hold” and an average price target of $59.13.

Root Price Performance

Shares of ROOT opened at $109.23 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. Root has a twelve month low of $7.22 and a twelve month high of $118.15. The stock has a market capitalization of $1.65 billion, a P/E ratio of -88.80 and a beta of 2.34. The company has a 50 day moving average of $54.94 and a 200-day moving average of $54.05.

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

Insider Buying and Selling at Root

In other news, Director Julie Szudarek sold 2,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now owns 15,003 shares in the company, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Meyer Malka sold 50,959 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $84.78, for a total value of $4,320,304.02. Following the completion of the sale, the insider now owns 102 shares of the company’s stock, valued at $8,647.56. This trade represents a 99.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,905 shares of company stock valued at $20,440,479 in the last quarter. 11.71% of the stock is currently owned by insiders.

Institutional Trading of Root

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 DIFC Ltd acquired a new stake in Root during the third quarter worth approximately $33,000. MetLife Investment Management LLC grew its holdings in shares of Root by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after purchasing an additional 2,889 shares in the last quarter. Versor Investments LP acquired a new stake in shares of Root during the 3rd quarter worth $216,000. Algert Global LLC bought a new position in shares of Root in the second quarter worth $288,000. Finally, MML Investors Services LLC acquired a new position in Root in the third quarter valued at about $288,000. Institutional investors and hedge funds 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.