Root, Inc. (NASDAQ:ROOT) Receives $59.13 Consensus Price Target from Brokerages

Shares of Root, Inc. (NASDAQ:ROOT) have been assigned a consensus recommendation of “Hold” from the nine ratings firms that are covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $59.13.

A number of equities analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $90.00 target price (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. UBS Group lifted their price target on Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Citizens Jmp lowered Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, JMP Securities downgraded Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd.

Root Price Performance

NASDAQ:ROOT opened at $76.35 on Tuesday. Root has a 52-week low of $7.22 and a 52-week high of $118.15. The stock has a fifty day moving average of $71.82 and a 200 day moving average of $57.56. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -62.07 and a beta of 2.47.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. The firm had revenue of $305.70 million during the quarter, compared to the consensus estimate 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 for the quarter was up 165.1% on a year-over-year basis. During the same quarter last year, the company posted ($3.16) EPS. On average, research analysts expect that Root will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Julie Szudarek sold 2,000 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the completion of the sale, the director now directly owns 15,003 shares in the company, valued at approximately $1,445,238.99. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $4,320,304.02. Following the completion of the sale, the insider now directly owns 102 shares in the company, valued at $8,647.56. The trade was a 99.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 246,905 shares of company stock worth $20,440,479 in the last ninety days. 11.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd bought a new position in shares of Root in the 3rd quarter worth approximately $33,000. MetLife Investment Management LLC grew its stake in Root by 129.1% in the third 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 during the period. Algert Global LLC bought a new position in Root in the second quarter worth $288,000. Versor Investments LP purchased a new position in Root during the third quarter valued at $216,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of Root by 76.8% in the 2nd 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 period. 59.82% of the stock is owned by hedge funds and other 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.