Root, Inc. (NASDAQ:ROOT) Receives $121.60 Consensus Price Target from Brokerages

Shares of Root, Inc. (NASDAQ:ROOT) have been given a consensus recommendation of “Hold” by the eight ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $121.60.

ROOT has been the topic of a number of recent analyst reports. Zacks Research upgraded Root from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Wells Fargo & Company set a $75.00 price objective on shares of Root and gave the stock an “equal weight” rating in a research note on Tuesday, January 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Root in a research note on Monday, December 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Root in a report on Friday, November 7th. Finally, Wall Street Zen cut shares of Root from a “hold” rating to a “sell” rating in a research report on Sunday.

Root Price Performance

ROOT opened at $70.17 on Wednesday. The company has a fifty day moving average price of $77.37 and a two-hundred day moving average price of $90.23. The firm has a market capitalization of $1.09 billion, a PE ratio of 21.20 and a beta of 2.70. Root has a 52 week low of $68.08 and a 52 week high of $181.14. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.23 and a current ratio of 1.23.

Root (NASDAQ:ROOT) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.08. Root had a return on equity of 23.36% and a net margin of 3.80%.The business had revenue of $387.80 million for the quarter, compared to analyst estimates of $363.06 million. During the same period last year, the company earned $1.35 EPS. The firm’s revenue was up 26.9% on a year-over-year basis. As a group, analysts anticipate that Root will post -0.08 earnings per share for the current year.

Institutional Investors Weigh In On Root

A number of hedge funds have recently modified their holdings of ROOT. Gilder Gagnon Howe & Co. LLC grew its position in shares of Root by 3.0% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 6,225 shares of the company’s stock valued at $797,000 after purchasing an additional 181 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Root by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock valued at $686,000 after buying an additional 229 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Root by 28.5% in the second quarter. Ameritas Investment Partners Inc. now owns 1,087 shares of the company’s stock valued at $139,000 after buying an additional 241 shares during the period. ProShare Advisors LLC increased its position in shares of Root by 16.9% during the second quarter. ProShare Advisors LLC now owns 2,184 shares of the company’s stock worth $279,000 after acquiring an additional 315 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Root by 1.7% during the second quarter. Nordea Investment Management AB now owns 22,193 shares of the company’s stock worth $2,858,000 after acquiring an additional 369 shares in the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Company Profile

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.