Keefe, Bruyette & Woods Reaffirms Outperform Rating for Root (NASDAQ:ROOT)

Keefe, Bruyette & Woods reiterated their outperform rating on shares of Root (NASDAQ:ROOT) in a research report released on Wednesday morning, Benzinga reports. They currently have a $70.00 target price on the stock, up from their previous target price of $22.00.

Several other analysts have also recently commented on ROOT. Jefferies Financial Group upgraded shares of Root from a hold rating to a buy rating and boosted their price target for the stock from $10.00 to $40.00 in a research note on Friday, March 1st. Citigroup boosted their price target 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. TD Cowen initiated coverage on shares of Root in a research note on Wednesday, January 10th. They issued a market perform rating on the stock. Cantor Fitzgerald upgraded shares of Root from a neutral rating to an overweight rating and boosted their price target for the stock from $9.00 to $13.00 in a research note on Thursday, February 22nd. Finally, JMP Securities reiterated a market outperform rating and issued a $15.00 price target on shares of Root in a research note on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $21.88.

Root Trading Up 2.8 %

Shares of Root stock opened at $64.40 on Wednesday. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80. The company has a fifty day moving average of $50.06 and a 200 day moving average of $23.69. Root has a fifty-two week low of $3.90 and a fifty-two week high of $85.99.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, topping the consensus estimate of ($2.49) by $0.85. The company had revenue of $194.80 million during the quarter, compared to the consensus estimate of $108.00 million. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. On average, equities analysts forecast that Root will post -7.87 earnings per share for the current fiscal year.

Institutional Trading of Root

Hedge funds have recently made changes to their positions in the business. Cannell Capital LLC raised its position 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 purchasing an additional 423,120 shares during the period. Raymond James & Associates purchased a new stake in Root in the 3rd quarter worth about $1,315,000. HST Ventures LLC raised its position in Root by 21.9% in the 4th quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock worth $544,000 after purchasing an additional 9,317 shares during the period. Trexquant Investment LP raised its position in Root by 43.4% in the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock worth $488,000 after purchasing an additional 14,096 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in Root by 37.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after purchasing an additional 9,390 shares during the period. 59.82% of the stock is currently 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. 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.