Root (NASDAQ:ROOT) Releases Earnings Results, Beats Expectations By $2.09 EPS

Root (NASDAQ:ROOT) released its quarterly earnings data on Tuesday. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.51) by $2.09, Briefing.com reports. Root had a negative net margin of 17.61% and a negative return on equity of 60.68%. The business had revenue of $254.90 million for the quarter, compared to analysts’ expectations of $203.99 million. During the same quarter last year, the company earned ($2.88) EPS. The company’s revenue for the quarter was up 263.6% compared to the same quarter last year.

Root Price Performance

ROOT stock opened at $59.63 on Thursday. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. Root has a one year low of $4.00 and a one year high of $86.57. The firm has a market capitalization of $870.60 million, a PE ratio of -9.01 and a beta of 2.72. The firm has a 50-day moving average of $52.43 and a two-hundred day moving average of $24.71.

Analysts Set New Price Targets

A number of analysts recently weighed in on ROOT shares. TD Cowen began coverage on shares of Root in a report on Wednesday, January 10th. They issued a “market perform” rating on the stock. Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and raised their target price for the company from $9.00 to $13.00 in a research note on Thursday, February 22nd. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and raised their target price for the company from $10.00 to $40.00 in a research note on Friday, March 1st. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $70.00 target price (up previously from $22.00) on shares of Root in a research note on Wednesday, April 24th. Finally, Citigroup raised their target price on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $39.50.

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.