Root (NASDAQ:ROOT) Announces Earnings Results

Root (NASDAQ:ROOT) posted its earnings results on Tuesday. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($2.51) by $2.09, Briefing.com reports. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The company had revenue of $254.90 million for the quarter, compared to the consensus estimate of $203.99 million. During the same period in the previous year, the business earned ($2.88) earnings per share. Root’s quarterly revenue was up 263.6% compared to the same quarter last year.

Root Trading Up 20.5 %

NASDAQ:ROOT traded up $14.29 on Wednesday, hitting $83.94. 1,192,131 shares of the stock were exchanged, compared to its average volume of 645,126. The stock has a market cap of $1.23 billion, a PE ratio of -8.31 and a beta of 2.86. 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 stock has a fifty day moving average of $51.22 and a 200-day moving average of $24.28. Root has a fifty-two week low of $3.90 and a fifty-two week high of $86.57.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and upped their price objective for the company from $10.00 to $40.00 in a research report on Friday, March 1st. Wells Fargo & Company upped their price objective on Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $70.00 price objective (up from $22.00) on shares of Root in a research report on Wednesday, April 24th. JMP Securities reiterated a “market outperform” rating and set a $15.00 target price on shares of Root in a research report on Monday, April 15th. Finally, Cantor Fitzgerald upgraded Root from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Root currently has a consensus rating of “Hold” and an average price target of $21.88.

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.