Root (NASDAQ:ROOT) Shares Up 8.4% – Time to Buy?

Root, Inc. (NASDAQ:ROOT)’s share price rose 8.4% on Thursday . The stock traded as high as $126.81 and last traded at $128.32. Approximately 121,803 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 356,117 shares. The stock had previously closed at $118.32.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ROOT shares. JMP Securities lowered Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $90.00 target price (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. Wells Fargo & Company increased their target price on Root from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 14th. UBS Group upped their price target on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Finally, Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $59.38.

Root Trading Down 6.5 %

The stock has a market capitalization of $1.95 billion, a PE ratio of -105.15 and a beta of 2.58. The stock has a 50-day moving average price of $86.93 and a two-hundred day moving average price of $66.98. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39.

Insider Activity at Root

In related news, Director Julie Szudarek sold 2,000 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the completion of the transaction, the director now directly owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 11.71% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Root

Hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in Root by 651.8% during the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after acquiring an additional 365 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Root in the third quarter worth approximately $33,000. KLP Kapitalforvaltning AS bought a new stake in shares of Root during the 4th quarter worth approximately $94,000. Aquatic Capital Management LLC boosted its holdings in Root by 92.1% during the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock valued at $112,000 after acquiring an additional 737 shares during the period. Finally, SBI Securities Co. Ltd. bought a new position in Root in the 4th quarter valued at $154,000. 59.82% of the stock is currently 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.