Root, Inc. (NASDAQ:ROOT) Receives $59.13 Consensus Target Price from Brokerages

Root, Inc. (NASDAQ:ROOT) has been assigned a consensus rating of “Hold” from the nine brokerages that are presently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $59.13.

Several research firms have recently weighed in on ROOT. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $90.00 price target (up from $82.00) on shares of Root in a report on Tuesday, November 5th. JMP Securities downgraded Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. UBS Group boosted their price target on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd.

Root Price Performance

Shares of NASDAQ:ROOT opened at $77.45 on Friday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of -62.97 and a beta of 2.55. The business has a 50-day simple moving average of $81.81 and a two-hundred day simple moving average of $60.41. Root has a fifty-two week low of $7.22 and a fifty-two week high of $118.15.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, beating the consensus estimate of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $305.70 million during the quarter, compared to analysts’ expectations of $272.77 million. During the same period in the previous year, the company earned ($3.16) earnings per share. The firm’s quarterly revenue was up 165.1% on a year-over-year basis. On average, analysts expect that Root will post -1.2 earnings per share for the current year.

Insider Transactions at Root

In related news, major shareholder Meyer Malka sold 75,839 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $81.21, for a total value of $6,158,885.19. Following the sale, the insider now directly owns 43,107 shares in the company, valued at approximately $3,500,719.47. The trade was a 63.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Julie Szudarek sold 2,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $96.33, for a total value of $192,660.00. Following the transaction, the director now directly owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 246,905 shares of company stock valued at $20,440,479 over the last three months. Corporate insiders own 11.71% of the company’s stock.

Institutional Trading of Root

Hedge funds have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new position in shares of Root in the third quarter valued at $33,000. MetLife Investment Management LLC grew its stake in shares of Root by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after buying an additional 2,889 shares in the last quarter. Versor Investments LP bought a new stake in shares of Root in the 3rd quarter worth about $216,000. Franklin Resources Inc. bought a new stake in Root during the third quarter worth approximately $249,000. Finally, Algert Global LLC purchased a new stake in Root during the second quarter valued at approximately $288,000. 59.82% 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. 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.