Root (NASDAQ:ROOT) Trading Down 6%

Root, Inc. (NASDAQ:ROOT) shares dropped 6% during mid-day trading on Friday . The stock traded as low as $53.31 and last traded at $53.43. Approximately 345,158 shares changed hands during trading, a decline of 48% from the average daily volume of 665,290 shares. The stock had previously closed at $56.85.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ROOT. Citigroup lifted their price objective on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $70.00 price objective (up from $22.00) on shares of Root in a research note on Wednesday, April 24th. TD Cowen began coverage on Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. JMP Securities upped their price target on Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a report on Wednesday. Finally, Wells Fargo & Company lifted their price objective on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $39.50.

Root Stock Down 1.0 %

The company has a current ratio of 1.51, a quick ratio of 1.60 and a debt-to-equity ratio of 1.81. The company has a 50-day moving average price of $55.31 and a 200-day moving average price of $25.56.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ROOT. Citigroup Inc. grew its holdings in shares of Root by 218,250.0% during the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Root in the 1st quarter valued at about $293,000. Barclays PLC grew its stake in 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 buying an additional 11,469 shares during the last quarter. Corton Capital Inc. acquired a new position in Root during the third quarter worth approximately $120,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Root in the third quarter valued at approximately $158,000. 59.82% of the stock is owned by hedge funds and other 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.