Root (NASDAQ:ROOT) Sets New 52-Week High – Should You Buy?

Root, Inc. (NASDAQ:ROOT)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $145.98 and last traded at $138.14, with a volume of 185232 shares trading hands. The stock had previously closed at $135.89.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ROOT. Scotiabank reiterated a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Citizens Jmp lowered Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Wells Fargo & Company restated a “buy” rating on shares of Root in a report on Sunday, March 2nd. JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Finally, UBS Group upped their target price on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $88.33.

Root Price Performance

The stock has a market cap of $2.11 billion, a PE ratio of -113.25 and a beta of 2.48. The firm’s 50-day moving average price is $102.51 and its two-hundred day moving average price is $75.76. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65.

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

Institutional Trading of Root

Several hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. raised its stake in shares of Root by 651.8% during the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after acquiring an additional 365 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Root in the third quarter worth $33,000. KLP Kapitalforvaltning AS acquired a new position in shares of Root during the fourth quarter worth $94,000. Aquatic Capital Management LLC lifted its holdings in shares of Root by 92.1% during the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock valued at $112,000 after purchasing an additional 737 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Root in the 4th quarter worth $154,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.