Root (NASDAQ:ROOT) Stock Rating Reaffirmed by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their outperform rating on shares of Root (NASDAQ:ROOT) in a research note published on Wednesday, Benzinga reports. The firm currently has a $70.00 target price on the stock, up from their previous target price of $22.00.

ROOT has been the topic of a number of other reports. TD Cowen began coverage on Root in a research report on Wednesday, January 10th. They set a market perform rating on the stock. JMP Securities reiterated a market outperform rating and set a $15.00 price target on shares of Root in a research report on Monday, April 15th. Wells Fargo & Company increased their price target on Root from $11.00 to $12.00 and gave the stock an equal weight rating in a research report on Thursday, February 22nd. Citigroup increased their price target on Root from $11.00 to $12.00 and gave the stock a neutral rating in a research report on Friday, February 23rd. Finally, Cantor Fitzgerald raised Root from a neutral rating to an overweight rating and increased their price objective for the stock from $9.00 to $13.00 in a report on Thursday, February 22nd. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Root has a consensus rating of Hold and an average target price of $21.88.

Root Trading Up 2.8 %

Shares of NASDAQ ROOT opened at $64.40 on Wednesday. The stock’s 50 day moving average price is $50.06 and its two-hundred day moving average price is $23.79. Root has a 52-week low of $3.90 and a 52-week high of $85.99. The stock has a market capitalization of $940.24 million, a P/E ratio of -6.30 and a beta of 2.86. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80.

Root (NASDAQ:ROOT) last announced its quarterly 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 business had revenue of $194.80 million for the quarter, compared to analysts’ expectations of $108.00 million. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. On average, analysts anticipate that Root will post -7.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Root

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cannell Capital LLC grew its holdings in Root by 144.0% in the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after buying an additional 423,120 shares in the last quarter. Raymond James & Associates bought a new position in Root during the 3rd quarter valued at $1,315,000. HST Ventures LLC boosted its stake in Root by 21.9% during the 4th quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock valued at $544,000 after purchasing an additional 9,317 shares in the last quarter. Trexquant Investment LP boosted its stake in Root by 43.4% during the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock valued at $488,000 after purchasing an additional 14,096 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in Root by 37.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock valued at $360,000 after purchasing an additional 9,390 shares in the last quarter. 59.82% of the stock is owned by institutional investors.

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.