Root (NASDAQ:ROOT) Trading Down 6%

Root, Inc. (NASDAQ:ROOT)’s share price fell 6% during trading on Wednesday . The stock traded as low as $58.09 and last traded at $58.13. 143,988 shares traded hands during trading, a decline of 78% from the average session volume of 657,935 shares. The stock had previously closed at $61.84.

Analyst Upgrades and Downgrades

ROOT has been the topic of several analyst reports. Cantor Fitzgerald raised Root from a “neutral” rating to an “overweight” rating and increased their target price for the company from $9.00 to $13.00 in a research note on Thursday, February 22nd. Jefferies Financial Group upgraded shares of Root from a “hold” rating to a “buy” rating and boosted their price objective for the company from $10.00 to $40.00 in a report on Friday, March 1st. Keefe, Bruyette & Woods raised shares of Root from a “market perform” rating to an “outperform” rating and upped their target price for the company from $10.00 to $22.00 in a research note on Monday, February 26th. Wells Fargo & Company lifted their price target 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. Finally, JMP Securities reissued a “market outperform” rating and issued a $15.00 price target on shares of Root in a report on Monday. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $15.88.

Root Stock Down 4.3 %

The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. The company’s 50-day moving average price is $44.03 and its 200-day moving average price is $21.63.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. UBS Group AG lifted its stake in Root by 134.8% in the 4th quarter. UBS Group AG now owns 7,897 shares of the company’s stock valued at $35,000 after acquiring an additional 4,533 shares in the last quarter. Citigroup Inc. lifted its position in shares of Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares in the last quarter. Walleye Capital LLC acquired a new position in Root during the first quarter worth $43,000. CIBC Asset Management Inc bought a new position in Root in the first quarter valued at $47,000. Finally, Legal & General Group Plc grew its position in Root by 161.6% in the second quarter. Legal & General Group Plc now owns 40,217 shares of the company’s stock valued at $48,000 after purchasing an additional 24,844 shares in the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

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.