Root (NASDAQ:ROOT) Shares Up 4%

Root, Inc. (NASDAQ:ROOT)’s share price shot up 4% during trading on Tuesday . The company traded as high as $69.98 and last traded at $69.46. 265,919 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 634,585 shares. The stock had previously closed at $66.81.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ROOT. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and lifted their target price for the company from $10.00 to $40.00 in a report on Friday, March 1st. Wells Fargo & Company boosted their price objective on shares of Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Cantor Fitzgerald upgraded shares of Root from a “neutral” rating to an “overweight” rating and upped their target price for the company from $9.00 to $13.00 in a report on Thursday, February 22nd. Citigroup upped their target price on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Finally, JMP Securities restated a “market outperform” rating and issued a $15.00 target price on shares of Root in a report on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $21.88.

Root Trading Up 4.3 %

The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60. The company has a 50 day moving average of $51.22 and a 200-day moving average of $24.28.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, topping the consensus estimate of ($2.49) by $0.85. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The firm had revenue of $194.80 million for the quarter, compared to analyst estimates of $108.00 million. As a group, analysts predict that Root, Inc. will post -7.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Root

A number of institutional investors have recently modified their holdings of ROOT. Raymond James & Associates acquired a new stake in Root during the third quarter worth $1,315,000. Raymond James Financial Services Advisors Inc. boosted its stake in Root by 148.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 24,992 shares of the company’s stock worth $238,000 after buying an additional 14,913 shares in the last quarter. Barclays PLC boosted its stake in Root by 229,380.0% during the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after buying an additional 11,469 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Root in the 3rd quarter valued at $158,000. Finally, Trexquant Investment LP acquired a new stake in shares of Root in the 3rd quarter valued at $309,000. Institutional investors own 59.82% of the company’s stock.

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.