Analysts Set Root, Inc. (NASDAQ:ROOT) Price Target at $21.88

Root, Inc. (NASDAQ:ROOT) has earned an average recommendation of “Hold” from the nine analysts that are presently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $39.50.

A number of equities analysts have recently weighed in on the company. TD Cowen initiated coverage on Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $10.00 to $40.00 in a research report on Friday, March 1st. Citigroup upped their target price on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. JMP Securities raised their price target on shares of Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Finally, Wells Fargo & Company boosted their price objective on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday.

Root Stock Performance

Shares of ROOT opened at $69.91 on Monday. The company has a 50-day moving average of $52.43 and a two-hundred day moving average of $24.71. The stock has a market cap of $1.02 billion, a P/E ratio of -6.83 and a beta of 2.86. Root has a 12-month low of $3.90 and a 12-month high of $86.57. 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 Tuesday, April 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.51) by $2.09. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The firm had revenue of $254.90 million during the quarter, compared to the consensus estimate of $203.99 million. During the same period in the previous year, the firm posted ($2.88) EPS. The company’s quarterly revenue was up 263.6% compared to the same quarter last year. As a group, research analysts predict that Root will post -7.87 EPS for the current fiscal year.

Institutional Trading of Root

A number of hedge funds have recently added to or reduced their stakes in ROOT. Cannell Capital LLC increased its stake in shares of Root by 144.0% during the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock valued at $7,515,000 after acquiring an additional 423,120 shares during the last quarter. Raymond James & Associates purchased a new stake in Root in the third quarter valued at approximately $1,315,000. Trexquant Investment LP acquired a new position in Root during the third quarter worth approximately $309,000. Jump Financial LLC acquired a new position in Root during the fourth quarter worth approximately $234,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Root during the first quarter worth approximately $1,171,000. 59.82% of the stock is owned by institutional investors and hedge funds.

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.