Root (NASDAQ:ROOT) Price Target Raised to $67.00

Root (NASDAQ:ROOT) had its price target lifted by UBS Group from $61.00 to $67.00 in a research note released on Monday, Benzinga reports. They currently have a neutral rating on the stock.

ROOT has been the subject of a number of other research reports. Keefe, Bruyette & Woods restated an “outperform” rating and set a $82.00 price objective (down previously from $88.00) on shares of Root in a report on Friday, August 16th. Wells Fargo & Company upped their price objective on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Jefferies Financial Group reduced their target price on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Cantor Fitzgerald raised Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $90.00 price objective on shares of Root in a research report on Tuesday, October 15th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.13.

Root Price Performance

Shares of ROOT stock opened at $73.78 on Monday. Root has a 52-week low of $7.22 and a 52-week high of $118.15. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a market cap of $1.11 billion, a PE ratio of -58.33 and a beta of 2.34. The firm’s 50 day moving average price is $42.23 and its two-hundred day moving average price is $51.52.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, beating the consensus estimate of ($0.61) by $1.96. The firm had revenue of $305.70 million for the quarter, compared to analyst estimates of $272.77 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company’s quarterly revenue was up 165.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($3.16) earnings per share. As a group, analysts forecast that Root will post -1.2 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Meyer Malka sold 50,959 shares of Root stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $84.78, for a total value of $4,320,304.02. Following the sale, the insider now directly owns 102 shares in the company, valued at $8,647.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.71% of the company’s stock.

Institutional Investors Weigh In On Root

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hood River Capital Management LLC acquired a new position in shares of Root during the 2nd quarter worth about $9,547,000. Driehaus Capital Management LLC acquired a new position in Root during the second quarter valued at approximately $9,154,000. Tidal Investments LLC bought a new position in Root in the first quarter valued at approximately $1,997,000. Bank of New York Mellon Corp acquired a new position in shares of Root during the 2nd quarter worth approximately $1,280,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Root during the 1st quarter worth approximately $1,171,000. 59.82% of the stock is currently 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.