TD Cowen Increases Root (NASDAQ:ROOT) Price Target to $51.00

Root (NASDAQ:ROOTGet Free Report) had its price objective boosted by TD Cowen from $11.00 to $51.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. TD Cowen’s price objective points to a potential upside of 3.30% from the company’s current price.

ROOT has been the subject of a number of other reports. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and increased their price target for the stock from $10.00 to $40.00 in a report on Friday, March 1st. JMP Securities increased their price objective on shares of Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $80.00 price target (up previously from $70.00) on shares of Root in a research report on Tuesday, May 7th. Citigroup raised their price target on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Finally, Wells Fargo & Company raised their price target on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Root presently has an average rating of “Hold” and an average target price of $41.89.

Check Out Our Latest Stock Analysis on ROOT

Root Stock Performance

NASDAQ ROOT opened at $49.37 on Wednesday. The company has a market capitalization of $735.61 million, a price-to-earnings ratio of -6.35 and a beta of 2.59. Root has a twelve month low of $5.22 and a twelve month high of $86.57. The stock has a fifty day simple moving average of $61.38 and a 200 day simple moving average of $33.64. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.81.

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

Insider Activity at Root

In other Root news, major shareholder Meyer Malka sold 13,300 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $60.58, for a total value of $805,714.00. Following the sale, the insider now owns 43,107 shares in the company, valued at $2,611,422.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 11.71% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ROOT. Citigroup Inc. grew its stake in Root by 218,250.0% during the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares in the last quarter. Barclays PLC raised its holdings in shares of Root by 229,380.0% in the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after purchasing an additional 11,469 shares in the last quarter. Corton Capital Inc. bought a new position in shares of Root during the 3rd quarter worth approximately $120,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Root during the 3rd quarter worth approximately $158,000. Finally, Jump Financial LLC bought a new position in shares of Root during the 4th quarter worth approximately $234,000. 59.82% of the stock is currently owned by institutional investors.

Root Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Root (NASDAQ:ROOT)

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