Root (NASDAQ:ROOT) Reaches New 12-Month High – What’s Next?

Root, Inc. (NASDAQ:ROOT) reached a new 52-week high during trading on Monday . The company traded as high as $142.72 and last traded at $138.53, with a volume of 207324 shares trading hands. The stock had previously closed at $135.17.

Analyst Upgrades and Downgrades

ROOT has been the topic of several recent analyst reports. 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 report on Tuesday, November 5th. Wells Fargo & Company reissued a “buy” rating on shares of Root in a research note on Sunday. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research note on Sunday. JMP Securities lowered Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Finally, Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Five research 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.83.

Root Stock Up 7.9 %

The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of -116.06 and a beta of 2.58. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The business has a 50-day moving average price of $96.49 and a 200-day moving average price of $72.70.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The firm had revenue of $326.70 million for the quarter, compared to the consensus estimate of $287.79 million. As a group, equities analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Root

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its stake in Root by 651.8% during the 4th 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. Point72 DIFC Ltd purchased a new position in shares of Root during the third quarter valued at $33,000. KLP Kapitalforvaltning AS acquired a new position in Root during the fourth quarter valued at $94,000. Aquatic Capital Management LLC lifted its stake in Root by 92.1% in the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock worth $112,000 after acquiring an additional 737 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in Root during the 4th quarter worth about $154,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.