Root, Inc. (NASDAQ:ROOT – Get Free Report) dropped 4.7% during mid-day trading on Tuesday . The stock traded as low as $53.29 and last traded at $56.34. Approximately 256,488 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 667,648 shares. The stock had previously closed at $59.13.
Analyst Upgrades and Downgrades
ROOT has been the subject of several research reports. Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $9.00 to $13.00 in a research report on Thursday, February 22nd. Wells Fargo & Company lifted their price objective on Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. TD Cowen began coverage on Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Keefe, Bruyette & Woods raised Root from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $10.00 to $22.00 in a report on Monday, February 26th. Finally, Jefferies Financial Group raised Root from a “hold” rating to a “buy” rating and lifted their target price for the company from $10.00 to $40.00 in a report on Friday, March 1st. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $16.00.
Root Price Performance
The firm’s 50-day moving average is $19.30 and its two-hundred day moving average is $13.38. The company has a market cap of $679.48 million, a P/E ratio of -5.33 and a beta of 2.71. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.60 and a quick ratio of 1.60.
Root (NASDAQ:ROOT – Get Free Report) last issued its earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share (EPS) for the quarter, beating 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%. Analysts anticipate that Root, Inc. will post -7.87 earnings per share for the current year.
Institutional Trading of Root
A number of hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in Root by 9.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 20,268 shares of the company’s stock worth $212,000 after acquiring an additional 1,778 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Root by 19.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 16,451 shares of the company’s stock valued at $172,000 after acquiring an additional 2,705 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Root by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 392,553 shares of the company’s stock valued at $4,114,000 after acquiring an additional 3,119 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Root by 218,250.0% during the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares in the last quarter. Finally, UBS Group AG increased its holdings in shares of Root by 134.8% during the fourth 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. 60.87% of the stock is owned by hedge funds and other institutional investors.
About Root
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.