Root, Inc. (NASDAQ:ROOT – Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $79.41, but opened at $81.93. Root shares last traded at $84.20, with a volume of 19,596 shares.
Analyst Upgrades and Downgrades
ROOT has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 1st. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $80.00 price objective (up from $70.00) on shares of Root in a report on Tuesday, May 7th. JMP Securities boosted their price objective on shares of Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, May 1st. Finally, TD Cowen boosted their price objective on shares of Root from $11.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, June 5th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $41.89.
Root Price Performance
The company has a debt-to-equity ratio of 1.81, a current ratio of 1.51 and a quick ratio of 1.51. The company has a market capitalization of $1.18 billion, a PE ratio of -10.67 and a beta of 2.57. The stock’s 50 day simple moving average is $55.52 and its 200-day simple moving average is $42.65.
Root (NASDAQ:ROOT – Get Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.51) by $2.09. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. The company had revenue of $254.90 million for the quarter, compared to analyst estimates of $203.99 million. During the same period in the prior year, the firm earned ($2.88) earnings per share. The business’s revenue for the quarter was up 263.6% compared to the same quarter last year. As a group, equities analysts forecast that Root, Inc. will post -4.03 earnings per share for the current fiscal year.
Insider Transactions at Root
In other news, Director Beth A. Birnbaum sold 1,735 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $43.67, for a total transaction of $75,767.45. Following the completion of the transaction, the director now directly owns 16,013 shares of the company’s stock, valued at $699,287.71. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, major shareholder Meyer Malka sold 13,300 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $60.58, for a total value of $805,714.00. Following the completion of the transaction, the insider now directly owns 43,107 shares of the company’s stock, valued at $2,611,422.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Beth A. Birnbaum sold 1,735 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $43.67, for a total value of $75,767.45. Following the completion of the transaction, the director now directly owns 16,013 shares of the company’s stock, valued at $699,287.71. The disclosure for this sale can be found here. Corporate insiders own 11.71% of the company’s stock.
Hedge Funds Weigh In On Root
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. boosted its holdings in Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after purchasing an additional 4,365 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in Root in the first quarter valued at approximately $293,000. Quantbot Technologies LP acquired a new position in Root in the first quarter valued at approximately $431,000. Price T Rowe Associates Inc. MD acquired a new position in Root in the first quarter valued at approximately $434,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Root in the first quarter valued at 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.