Root (NASDAQ:ROOT) Cut to Market Perform at JMP Securities

JMP Securities lowered shares of Root (NASDAQ:ROOT) from an outperform rating to a market perform rating in a report issued on Friday, MarketBeat.com reports.

A number of other research analysts have also weighed in on ROOT. Jefferies Financial Group decreased their price target on shares of Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Wells Fargo & Company raised their target price on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $90.00 price objective (up previously from $82.00) on shares of Root in a report on Tuesday, November 5th. Finally, UBS Group upped their target price on shares of Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Root currently has a consensus rating of “Hold” and a consensus target price of $59.13.

Root Stock Down 0.2 %

Root stock opened at $109.23 on Friday. Root has a 12 month low of $7.22 and a 12 month high of $118.15. The stock has a market capitalization of $1.65 billion, a PE ratio of -88.80 and a beta of 2.34. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The business has a 50 day simple moving average of $54.94 and a 200-day simple moving average of $53.99.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, topping 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 company had revenue of $305.70 million during the quarter, compared to analysts’ expectations of $272.77 million. During the same period in the prior year, the business posted ($3.16) earnings per share. The firm’s revenue for the quarter was up 165.1% on a year-over-year basis. On average, analysts anticipate that Root will post -1.2 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Root

Institutional investors have recently bought and sold shares of the company. Barclays PLC boosted its stake in shares of Root by 361.6% in the third quarter. Barclays PLC now owns 14,033 shares of the company’s stock valued at $529,000 after purchasing an additional 10,993 shares during the period. MML Investors Services LLC acquired a new stake in Root during the 3rd quarter worth approximately $288,000. XTX Topco Ltd purchased a new position in Root in the 3rd quarter valued at approximately $645,000. State Street Corp grew its stake in shares of Root by 0.3% in the third quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after acquiring an additional 444 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Root during the third quarter worth $33,000. 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.