Root (NASDAQ:ROOT) Sets New 12-Month High – Still a Buy?

Root, Inc. (NASDAQ:ROOT)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $121.37 and last traded at $120.13, with a volume of 223441 shares. The stock had previously closed at $114.52.

Wall Street Analyst Weigh In

ROOT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $90.00 price target (up previously from $82.00) on shares of Root in a report on Tuesday, November 5th. UBS Group lifted their target price on Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Citizens Jmp downgraded Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Wells Fargo & Company increased their price objective on Root from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 14th. Finally, JMP Securities lowered Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $59.38.

Root Trading Up 3.1 %

The stock has a 50 day simple moving average of $84.89 and a 200-day simple moving average of $65.67. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $1.78 billion, a P/E ratio of -96.06 and a beta of 2.58.

Insider Activity at Root

In other Root news, Director Julie Szudarek sold 2,000 shares of the company’s 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 completion of the transaction, the director now directly owns 15,003 shares in the company, valued at $1,445,238.99. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Root

A number of institutional investors have recently added to or reduced their stakes in ROOT. FMR LLC raised its holdings in shares of Root by 966.2% during the 3rd quarter. FMR LLC now owns 18,040 shares of the company’s stock worth $682,000 after acquiring an additional 16,348 shares in the last quarter. Barclays PLC grew its holdings in Root by 361.6% during the 3rd quarter. Barclays PLC now owns 14,033 shares of the company’s stock valued at $529,000 after purchasing an additional 10,993 shares during the last quarter. Versor Investments LP bought a new position in shares of Root during the third quarter valued at approximately $216,000. Nordea Investment Management AB lifted its stake in shares of Root by 7.3% during the 4th quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock worth $1,497,000 after acquiring an additional 1,416 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Root during the 3rd quarter valued at $428,000. 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.