Root (NASDAQ:ROOT) Trading 5.9% Higher on Analyst Upgrade

Root, Inc. (NASDAQ:ROOT) shot up 5.9% during trading on Friday after Wells Fargo & Company raised their price target on the stock from $80.00 to $97.00. Wells Fargo & Company currently has an equal weight rating on the stock. Root traded as high as $129.76 and last traded at $131.28. 83,430 shares traded hands during trading, a decline of 82% from the average session volume of 460,568 shares. The stock had previously closed at $123.95.

Other equities analysts have also issued research reports about the company. UBS Group increased their target price on Root from $61.00 to $67.00 and gave the company 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. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $90.00 target price (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. Finally, JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.83.

Hedge Funds Weigh In On Root

A number of institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Root by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock worth $357,000 after purchasing an additional 171 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Root by 5.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,382 shares of the company’s stock worth $391,000 after buying an additional 255 shares during the last quarter. Legal & General Group Plc increased its position in Root by 3.6% in the 4th quarter. Legal & General Group Plc now owns 7,955 shares of the company’s stock valued at $577,000 after acquiring an additional 273 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Root by 651.8% in the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock valued at $31,000 after purchasing an additional 365 shares during the period. Finally, State Street Corp grew its position in Root by 0.3% in the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after buying an additional 444 shares during the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

Root Stock Up 9.1 %

The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of -109.89 and a beta of 2.58. 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’s 50 day simple moving average is $94.20 and its 200-day simple moving average is $71.19.

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

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.