Root (NASDAQ:ROOT) Sets New 12-Month High – Time to Buy?

Root, Inc. (NASDAQ:ROOT) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $145.98 and last traded at $138.14, with a volume of 185232 shares changing hands. The stock had previously closed at $135.89.

Wall Street Analyst Weigh In

ROOT has been the subject of several recent analyst reports. Citizens Jmp downgraded Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. JMP Securities downgraded shares of Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a report on Sunday, March 2nd. Scotiabank reissued a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Finally, UBS Group raised their target price on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Root currently has an average rating of “Moderate Buy” and a consensus target price of $88.33.

Root Trading Down 4.7 %

The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm’s 50-day moving average is $103.87 and its 200 day moving average is $76.21. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -109.13 and a beta of 2.48.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of ($0.63) by $1.93. The company had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. On average, equities analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Root

Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its stake in shares of Root by 651.8% in 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 period. Point72 DIFC Ltd acquired a new position in shares of Root in the 3rd quarter worth approximately $33,000. KLP Kapitalforvaltning AS acquired a new position in shares of Root in the 4th quarter worth approximately $94,000. Aquatic Capital Management LLC boosted its stake in shares of Root by 92.1% in the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock valued at $112,000 after purchasing an additional 737 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Root during the fourth quarter worth $154,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.