Root, Inc. (NASDAQ:ROOT) Receives $108.40 Consensus Target Price from Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have been given an average recommendation of “Hold” by the seven brokerages that are currently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $97.80.

Several brokerages have recently issued reports on ROOT. UBS Group reduced their price objective on Root from $90.00 to $52.00 and set a “neutral” rating on the stock in a research report on Monday. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $104.00 price target (down from $150.00) on shares of Root in a research note on Thursday, February 26th. Wall Street Zen upgraded Root from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Zacks Research upgraded Root from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Weiss Ratings upgraded Root from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, February 26th.

Root Stock Down 0.1%

Root stock opened at $44.33 on Thursday. Root has a fifty-two week low of $43.58 and a fifty-two week high of $181.14. The firm has a market capitalization of $689.55 million, a price-to-earnings ratio of 19.11 and a beta of 2.84. The stock’s fifty day moving average is $62.51 and its two-hundred day moving average is $76.45. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.21 and a current ratio of 1.21.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.28. The business had revenue of $397.00 million during the quarter, compared to the consensus estimate of $381.57 million. Root had a return on equity of 15.34% and a net margin of 2.58%.The business’s revenue was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.30 EPS. Analysts predict that Root will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its position in shares of Root by 8.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 946,632 shares of the company’s stock worth $68,376,000 after acquiring an additional 74,427 shares during the last quarter. XTX Topco Ltd raised its stake in Root by 33.3% during the fourth quarter. XTX Topco Ltd now owns 7,002 shares of the company’s stock worth $506,000 after purchasing an additional 1,750 shares during the period. Twinbeech Capital LP purchased a new position in Root during the fourth quarter worth approximately $1,018,000. Millennium Management LLC boosted its holdings in shares of Root by 780.1% in the 4th quarter. Millennium Management LLC now owns 220,815 shares of the company’s stock valued at $15,949,000 after purchasing an additional 195,725 shares during the last quarter. Finally, Findell Capital Management LLC grew its stake in shares of Root by 291.7% during the 4th quarter. Findell Capital Management LLC now owns 235,000 shares of the company’s stock valued at $16,974,000 after buying an additional 175,000 shares during the period. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

About Root

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.