Keefe, Bruyette & Woods Reiterates “Outperform” Rating for Root (NASDAQ:ROOT)

Keefe, Bruyette & Woods restated their outperform rating on shares of Root (NASDAQ:ROOT) in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a $70.00 price objective on the stock, up from their prior price objective of $22.00.

Other analysts have also issued research reports about the stock. Wells Fargo & Company lifted their price target 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. JMP Securities reaffirmed a market outperform rating and set a $15.00 price target on shares of Root in a research report on Monday, April 15th. Citigroup boosted their target price on Root from $11.00 to $12.00 and gave the company a neutral rating in a research report on Friday, February 23rd. Jefferies Financial Group raised Root from a hold rating to a buy rating and boosted their target price for the company from $10.00 to $40.00 in a research report on Friday, March 1st. Finally, Cantor Fitzgerald raised Root from a neutral rating to an overweight rating and boosted their target price for the company from $9.00 to $13.00 in a research report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $21.88.

Root Stock Up 1.4 %

Shares of Root stock opened at $60.02 on Wednesday. The stock’s 50 day simple moving average is $47.88 and its 200-day simple moving average is $23.04. Root has a 1-year low of $3.63 and a 1-year high of $85.99. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($1.64) EPS for the quarter, beating the consensus estimate of ($2.49) by $0.85. The firm 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%. On average, equities analysts anticipate that Root will post -7.87 earnings per share for the current year.

Institutional Trading of Root

A number of large investors have recently modified their holdings of ROOT. Cannell Capital LLC increased its position in shares of Root by 144.0% during the fourth quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after acquiring an additional 423,120 shares during the period. Raymond James & Associates acquired a new position in shares of Root during the third quarter worth $1,315,000. Trexquant Investment LP acquired a new position in shares of Root during the third quarter worth $309,000. Jump Financial LLC acquired a new position in shares of Root during the fourth quarter worth $234,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Root during the third quarter worth $158,000. 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.