Root, Inc. (NASDAQ:ROOT – Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $39.10, but opened at $38.07. Root shares last traded at $39.00, with a volume of 102,675 shares.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on ROOT shares. Jefferies Financial Group raised 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 research report on Friday, March 1st. Citigroup boosted their price objective on shares of Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. 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 note on Thursday, February 22nd. Keefe, Bruyette & Woods upgraded 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. Finally, TD Cowen started coverage on shares of Root in a research note on Wednesday, January 10th. They issued a “market perform” rating for the company. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $16.00.
Root Stock Performance
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 $12.70 and its two-hundred day moving average price is $11.04. The company has a market cap of $642.25 million, a P/E ratio of -4.12 and a beta of 2.71.
Institutional Trading of Root
A number of hedge funds have recently bought and sold shares of ROOT. State Street Corp lifted its position in shares of Root by 661.9% in the second quarter. State Street Corp now owns 2,525,371 shares of the company’s stock worth $3,005,000 after purchasing an additional 2,193,896 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Root in the second quarter worth approximately $1,991,000. Twenty Acre Capital LP purchased a new stake in shares of Root in the first quarter worth approximately $2,358,000. Northern Trust Corp raised its position in Root by 448.8% during the second quarter. Northern Trust Corp now owns 1,174,607 shares of the company’s stock valued at $1,398,000 after acquiring an additional 960,580 shares in the last quarter. Finally, SVB Financial Group bought a new position in Root during the fourth quarter valued at approximately $3,516,000. 60.87% of the stock is owned by hedge funds and other 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. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.