Root (NASDAQ:ROOT) Stock Price Up 8.1%

Root, Inc. (NASDAQ:ROOT)’s stock price was up 8.1% during trading on Tuesday . The company traded as high as $59.37 and last traded at $58.87. Approximately 99,053 shares traded hands during trading, a decline of 85% from the average daily volume of 649,196 shares. The stock had previously closed at $54.47.

Analyst Ratings Changes

A number of equities research analysts have commented on ROOT shares. Citigroup raised their price target on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Wells Fargo & Company raised their price target on Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. Jefferies Financial Group raised Root from a “hold” rating to a “buy” rating and raised their price target for the company from $10.00 to $40.00 in a report on Friday, March 1st. JMP Securities reissued a “market outperform” rating and set a $15.00 price target on shares of Root in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $70.00 price target (up from $22.00) on shares of Root in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.88.

Root Stock Up 1.4 %

The stock has a 50-day moving average price of $47.88 and a two-hundred day moving average price of $23.04. 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 issued its quarterly earnings data on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.49) by $0.85. The firm had revenue of $194.80 million during the quarter, compared to analyst estimates of $108.00 million. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. Analysts anticipate that Root, Inc. will post -7.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its position in Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after acquiring an additional 4,365 shares in the last quarter. HST Ventures LLC grew its position in Root by 21.9% in the fourth quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock worth $544,000 after acquiring an additional 9,317 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Root by 37.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after acquiring an additional 9,390 shares in the last quarter. Barclays PLC grew its position in Root by 229,380.0% in the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after acquiring an additional 11,469 shares in the last quarter. Finally, Corton Capital Inc. purchased a new position in Root in the third quarter worth about $120,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.