Root (NASDAQ:ROOT) Rating Reiterated by JMP Securities

Root (NASDAQ:ROOT)‘s stock had its “market outperform” rating reiterated by equities research analysts at JMP Securities in a note issued to investors on Monday, Benzinga reports. They currently have a $15.00 price objective on the stock. JMP Securities’ price objective indicates a potential downside of 75.74% from the company’s previous close.

ROOT has been the subject of several other reports. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and upped their price objective for the stock from $10.00 to $40.00 in a report on Friday, March 1st. Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $9.00 to $13.00 in a report on Thursday, February 22nd. TD Cowen started coverage on shares of Root in a report on Wednesday, January 10th. They set a “market perform” rating for the company. Keefe, Bruyette & Woods raised shares of Root from a “market perform” rating to an “outperform” rating and increased their price target for the company from $10.00 to $22.00 in a report on Monday, February 26th. Finally, Citigroup increased their price target on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Root presently has an average rating of “Hold” and a consensus target price of $15.88.

Root Stock Performance

Shares of ROOT opened at $61.84 on Monday. The company’s fifty day moving average is $42.22 and its 200-day moving average is $21.19. Root has a 12 month low of $3.63 and a 12 month high of $85.99. The firm has a market cap of $902.86 million, a price-to-earnings ratio of -6.04 and a beta of 2.85. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80.

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

Hedge Funds Weigh In On Root

Hedge funds and other institutional investors have recently made changes to their positions in the business. Citigroup Inc. lifted its holdings in shares of Root by 218,250.0% during 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 acquired a new stake in shares of Root during the 3rd quarter worth about $309,000. Raymond James & Associates acquired a new stake in shares of Root during the 3rd quarter worth about $1,315,000. Cannell Capital LLC acquired a new stake in shares of Root during the 3rd quarter worth about $2,795,000. Finally, Barclays PLC increased its position in shares of Root by 229,380.0% during the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after purchasing an additional 11,469 shares in the last quarter. 59.82% of the stock is owned by 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.