Root (NASDAQ:ROOT) Given New $6.00 Price Target at Wells Fargo & Company

Root (NASDAQ:ROOTGet Rating) had its target price reduced by analysts at Wells Fargo & Company from $9.00 to $6.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 21.95% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Truist Financial cut their price target on shares of Root from $22.50 to $9.00 in a report on Tuesday, November 15th. UBS Group cut their price target on shares of Root to $9.00 in a report on Wednesday, November 16th. Morgan Stanley cut their price target on shares of Root from $20.93 to $8.50 and set an “equal weight” rating on the stock in a report on Tuesday, November 22nd. JMP Securities dropped their price objective on shares of Root from $25.00 to $20.00 and set a “market outperform” rating on the stock in a research note on Tuesday. Finally, Citigroup assumed coverage on shares of Root in a research note on Wednesday, December 14th. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Root has an average rating of “Hold” and a consensus target price of $15.44.

Root Price Performance

ROOT opened at $4.92 on Wednesday. The company’s 50 day simple moving average is $5.76 and its 200 day simple moving average is $10.60. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.95 and a current ratio of 1.95. Root has a 1 year low of $4.06 and a 1 year high of $44.91. The stock has a market capitalization of $69.37 million, a PE ratio of -0.20 and a beta of 0.71.

Root (NASDAQ:ROOTGet Rating) last posted its quarterly earnings results on Wednesday, November 9th. The company reported ($4.54) EPS for the quarter, beating the consensus estimate of ($6.01) by $1.47. Root had a negative net margin of 102.25% and a negative return on equity of 78.93%. The firm had revenue of $73.70 million for the quarter, compared to analyst estimates of $75.74 million. As a group, sell-side analysts expect that Root will post -21 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Meyer Malka sold 14,800 shares of Root stock in a transaction on Wednesday, December 21st. The shares were sold at an average price of $4.76, for a total value of $70,448.00. Following the completion of the sale, the insider now owns 43,107 shares in the company, valued at $205,189.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 27.59% of the company’s stock.

Institutional Trading of Root

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC increased its stake in shares of Root by 1,833.3% in the third quarter. FNY Investment Advisers LLC now owns 5,800 shares of the company’s stock worth $45,000 after buying an additional 5,500 shares during the last quarter. Redpoint Management LLC acquired a new position in Root in the second quarter worth $558,000. Walleye Capital LLC acquired a new position in Root in the first quarter worth $43,000. Royal Bank of Canada boosted its holdings in Root by 66.4% in the first quarter. Royal Bank of Canada now owns 28,294 shares of the company’s stock worth $55,000 after purchasing an additional 11,294 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in Root by 28.5% in the first quarter. California State Teachers Retirement System now owns 61,955 shares of the company’s stock worth $122,000 after purchasing an additional 13,729 shares during the period. Institutional investors own 70.41% of the company’s stock.

About Root

(Get Rating)

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.

Further Reading

Analyst Recommendations for Root (NASDAQ:ROOT)

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