Root, Inc. (NASDAQ:ROOT) Receives $16.00 Average Target Price from Analysts

Root, Inc. (NASDAQ:ROOT) has received a consensus recommendation of “Hold” from the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $16.00.

A number of research firms have issued reports on ROOT. Keefe, Bruyette & Woods raised shares of Root from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $10.00 to $22.00 in a report on Monday, February 26th. TD Cowen began coverage on shares of Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Citigroup raised their price target on shares of Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Wells Fargo & Company boosted their target price on shares of Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Finally, Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and upped their price target for the company from $10.00 to $40.00 in a report on Friday, March 1st.

Institutional Trading of Root

Large investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in Root by 661.9% during the 2nd quarter. State Street Corp now owns 2,525,371 shares of the company’s stock worth $3,005,000 after acquiring an additional 2,193,896 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Root during the 2nd quarter worth about $1,991,000. BlackRock Inc. lifted its stake in Root by 15.3% during the 1st quarter. BlackRock Inc. now owns 1,640,566 shares of the company’s stock worth $3,231,000 after acquiring an additional 217,175 shares in the last quarter. Twenty Acre Capital LP purchased a new stake in Root during the 1st quarter worth about $2,358,000. Finally, Northern Trust Corp increased its holdings in Root by 448.8% during the 2nd quarter. Northern Trust Corp now owns 1,174,607 shares of the company’s stock worth $1,398,000 after purchasing an additional 960,580 shares during the period. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Root Price Performance

Shares of ROOT opened at $82.90 on Thursday. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -8.10 and a beta of 2.86. Root has a twelve month low of $3.63 and a twelve month high of $83.81. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80. The company has a 50 day moving average of $33.49 and a two-hundred day moving average of $18.15.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, beating the consensus estimate of ($2.49) by $0.85. The company had revenue of $194.80 million during the quarter, compared to the consensus estimate of $108.00 million. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. As a group, analysts predict that Root will post -7.87 earnings per share for the current fiscal year.

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.