Root (NASDAQ:ROOT) Trading 6% Higher

Shares of Root, Inc. (NASDAQ:ROOT) traded up 6% on Tuesday . The stock traded as high as $83.66 and last traded at $83.00. 96,042 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 661,291 shares. The stock had previously closed at $78.27.

Analyst Upgrades and Downgrades

ROOT has been the subject of a number of research analyst reports. Citigroup upped their price objective on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. Wells Fargo & Company upped their price objective on shares of Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Thursday, February 22nd. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and upped their price objective for the company from $10.00 to $40.00 in a research note on Friday, March 1st. Keefe, Bruyette & Woods raised shares of Root from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $10.00 to $22.00 in a research note on Monday, February 26th. Finally, Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $9.00 to $13.00 in a research note on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Root has an average rating of “Hold” and a consensus price target of $16.00.

Root Stock Performance

The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -7.51 and a beta of 2.86. The stock’s 50-day moving average is $37.70 and its 200-day moving average is $19.58. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.49) by $0.85. The firm had revenue of $194.80 million during the quarter, compared to analysts’ expectations of $108.00 million. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. On average, analysts expect that Root, Inc. will post -7.87 EPS for the current year.

Hedge Funds Weigh In On Root

Institutional investors and hedge funds have recently bought and sold shares of the stock. Citigroup Inc. boosted its holdings in Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after acquiring an additional 4,365 shares during the period. Trexquant Investment LP purchased a new position in shares of Root during the 3rd quarter valued at approximately $309,000. Raymond James & Associates purchased a new position in shares of Root during the 3rd quarter valued at approximately $1,315,000. Cannell Capital LLC purchased a new position in shares of Root during the 3rd quarter valued at approximately $2,795,000. Finally, Barclays PLC boosted its stake in shares of Root by 229,380.0% during the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after buying an additional 11,469 shares during the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.