Root (NASDAQ:ROOT) Shares Gap Up – Here’s What Happened

Root, Inc. (NASDAQ:ROOT) gapped up before the market opened on Monday . The stock had previously closed at $160.26, but opened at $168.42. Root shares last traded at $174.77, with a volume of 202,548 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Scotiabank reissued a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. UBS Group boosted their target price on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a report on Friday, March 7th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Root in a report on Sunday, March 2nd. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Root presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.33.

Root Trading Down 5.1 %

The stock has a fifty day simple moving average of $117.87 and a 200 day simple moving average of $83.66. 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 $2.56 billion, a P/E ratio of -137.03 and a beta of 2.48.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $1.93. The business had revenue of $326.70 million during the quarter, compared to analyst estimates of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. On average, research analysts expect that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Root

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its holdings in shares of Root by 12.0% during the 4th quarter. California State Teachers Retirement System now owns 7,477 shares of the company’s stock valued at $543,000 after buying an additional 801 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Root by 69.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,421 shares of the company’s stock valued at $611,000 after acquiring an additional 3,459 shares during the period. State of Wyoming boosted its position in Root by 21.6% in the fourth quarter. State of Wyoming now owns 4,162 shares of the company’s stock worth $302,000 after purchasing an additional 740 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Root by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock valued at $357,000 after purchasing an additional 171 shares during the period. Finally, Janus Henderson Group PLC bought a new stake in shares of Root during the 4th quarter valued at about $248,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.