JMP Securities Boosts Root (NASDAQ:ROOT) Price Target to $90.00

Root (NASDAQ:ROOT) had its target price increased by JMP Securities from $15.00 to $90.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Several other equities analysts also recently commented on ROOT. Keefe, Bruyette & Woods reissued an outperform rating and issued a $70.00 price objective (up previously from $22.00) on shares of Root in a research note on Wednesday, April 24th. Cantor Fitzgerald raised Root from a neutral rating to an overweight rating and lifted their price objective for the stock from $9.00 to $13.00 in a research note on Thursday, February 22nd. Jefferies Financial Group raised Root from a hold rating to a buy rating and raised their target price for the stock from $10.00 to $40.00 in a research note on Friday, March 1st. TD Cowen assumed coverage on shares of Root in a report on Wednesday, January 10th. They issued a market perform rating on the stock. Finally, Wells Fargo & Company raised their target price on Root from $11.00 to $12.00 and gave the company an equal weight rating in a research report on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Root has an average rating of Hold and a consensus target price of $39.50.

Root Stock Down 1.0 %

ROOT opened at $56.29 on Wednesday. The company has a quick ratio of 1.60, a current ratio of 1.51 and a debt-to-equity ratio of 1.81. The firm’s fifty day simple moving average is $54.52 and its 200 day simple moving average is $25.24. Root has a 12 month low of $4.11 and a 12 month high of $86.57.

Root (NASDAQ:ROOT) last issued its earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.51) by $2.09. The business had revenue of $254.90 million during the quarter, compared to the consensus estimate of $203.99 million. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. Root’s revenue was up 263.6% on a year-over-year basis. During the same period last year, the business posted ($2.88) EPS. On average, research analysts expect that Root will post -6.59 earnings per share for the current fiscal year.

Institutional Trading of Root

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

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.