Root (NASDAQ:ROOT) Trading Down 1.9%

Root, Inc. (NASDAQ:ROOT)’s stock price fell 1.9% during trading on Thursday . The stock traded as low as $45.64 and last traded at $45.75. 33,777 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 536,391 shares. The stock had previously closed at $46.63.

Analysts Set New Price Targets

Several analysts recently commented on the company. UBS Group dropped their price objective on Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research note on Tuesday. JMP Securities lifted their price target on shares of Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 1st. TD Cowen increased their price objective on shares of Root from $11.00 to $51.00 and gave the stock a “hold” rating in a research report on Wednesday, June 5th. Wells Fargo & Company boosted their price objective on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 1st. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $80.00 target price (up from $70.00) on shares of Root in a research note on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Root currently has a consensus rating of “Hold” and an average target price of $47.56.

Root Stock Performance

The stock has a market capitalization of $674.67 million, a P/E ratio of -6.03 and a beta of 2.57. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98. The stock has a 50 day simple moving average of $56.40 and a two-hundred day simple moving average of $49.71.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.74) by $1.22. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The business had revenue of $289.20 million for the quarter, compared to the consensus estimate of $264.80 million. During the same period in the previous year, the company earned ($2.55) earnings per share. The firm’s revenue for the quarter was up 286.6% on a year-over-year basis. On average, equities analysts forecast that Root, Inc. will post -2.63 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Beth A. Birnbaum sold 1,735 shares of Root stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $43.67, for a total transaction of $75,767.45. Following the completion of the sale, the director now directly owns 16,013 shares of the company’s stock, valued at approximately $699,287.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 11.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Root

Hedge funds have recently bought and sold shares of the business. Cannell Capital LLC boosted its stake in shares of Root by 144.0% in the fourth quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock valued at $7,515,000 after buying an additional 423,120 shares during the period. Hood River Capital Management LLC bought a new position in Root in the second quarter valued at approximately $9,547,000. Tidal Investments LLC acquired a new position in Root during the first quarter valued at approximately $1,997,000. Bank of New York Mellon Corp bought a new stake in Root during the second quarter worth $1,280,000. Finally, Jump Financial LLC acquired a new stake in shares of Root in the 4th quarter valued at $234,000. 59.82% of the stock is owned by 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.