Root (NASDAQ:ROOT) Shares Up 6.8%

Shares of Root, Inc. (NASDAQ:ROOT) rose 6.8% during mid-day trading on Friday . The stock traded as high as $39.83 and last traded at $39.68. Approximately 68,220 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 503,140 shares. The stock had previously closed at $37.17.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. UBS Group decreased their price objective on Root from $71.00 to $61.00 and set a “neutral” rating for the company in a research report on Tuesday, August 13th. 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 research note on Wednesday, June 5th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $82.00 target price (down previously from $88.00) on shares of Root in a research note on Friday, August 16th. 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, Root currently has an average rating of “Hold” and an average price target of $47.78.

Root Stock Performance

The firm has a fifty day moving average of $54.34 and a 200-day moving average of $54.36. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98. The stock has a market capitalization of $598.05 million, a price-to-earnings ratio of -5.05 and a beta of 2.54.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) EPS for the quarter, beating analysts’ consensus estimates of ($1.74) by $1.22. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The firm had revenue of $289.20 million for the quarter, compared to analysts’ expectations of $264.80 million. During the same period in the prior year, the company earned ($2.55) EPS. The firm’s revenue was up 286.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Root, Inc. will post -2.13 EPS for the current year.

Institutional Trading of Root

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC acquired a new stake in shares of Root during the 1st quarter worth about $293,000. Algert Global LLC acquired a new position in Root in the 2nd quarter valued at $288,000. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Root by 76.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after purchasing an additional 2,576 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Root during the first quarter worth $431,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of Root in the first quarter valued at $434,000. Hedge funds and other institutional investors 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.