Root (NASDAQ:ROOT) Sets New 52-Week Low – What’s Next?

Shares of Root, Inc. (NASDAQ:ROOT) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $44.62 and last traded at $45.15, with a volume of 85942 shares. The stock had previously closed at $47.98.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ROOT shares. Weiss Ratings raised Root from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, February 26th. Wells Fargo & Company reduced their price objective on Root from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, February 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $104.00 price objective (down from $150.00) on shares of Root in a report on Thursday, February 26th. Wall Street Zen upgraded shares of Root from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Root currently has a consensus rating of “Hold” and an average price target of $108.40.

Root Stock Down 6.2%

The firm has a 50 day simple moving average of $64.22 and a two-hundred day simple moving average of $77.31. The company has a market capitalization of $697.91 million, a PE ratio of 19.40 and a beta of 2.84. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.70.

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

Institutional Investors Weigh In On Root

A number of institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue acquired a new position in shares of Root in the third quarter worth about $50,000. Russell Investments Group Ltd. grew its stake in shares of Root by 511.7% in the second quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock worth $94,000 after purchasing an additional 614 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Root by 28.5% during the second quarter. Ameritas Investment Partners Inc. now owns 1,087 shares of the company’s stock worth $139,000 after purchasing an additional 241 shares in the last quarter. Advisory Services Network LLC acquired a new stake in Root in the 3rd quarter valued at about $144,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Root by 237.2% in the second quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock valued at $164,000 after buying an additional 899 shares in the last quarter. 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.