Root (NASDAQ:ROOT) Hits New 52-Week High – What’s Next?

Root, Inc. (NASDAQ:ROOT) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $154.52 and last traded at $152.34, with a volume of 605386 shares trading hands. The stock had previously closed at $151.73.

Analyst Ratings Changes

Several equities analysts have issued reports on ROOT shares. UBS Group lifted their target price on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Wells Fargo & Company reissued a “buy” rating on shares of Root in a report on Sunday, March 2nd. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Finally, Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Root has a consensus rating of “Moderate Buy” and a consensus price target of $88.33.

Root Price Performance

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 company has a 50 day moving average price of $108.11 and a 200 day moving average price of $78.60. The firm has a market cap of $2.32 billion, a PE ratio of -123.85 and a beta of 2.48.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $1.93. The company had revenue of $326.70 million during the quarter, compared to the consensus estimate of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. Sell-side analysts expect that Root, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Root

A number of institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its holdings in shares of Root by 651.8% in the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock valued at $31,000 after buying an additional 365 shares during the period. Point72 DIFC Ltd acquired a new stake in Root in the third quarter valued at $33,000. KLP Kapitalforvaltning AS acquired a new stake in Root in the fourth quarter valued at $94,000. Aquatic Capital Management LLC grew its stake in shares of Root by 92.1% during the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock worth $112,000 after purchasing an additional 737 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Root during the 4th quarter worth $154,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

About Root

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.