Root (NASDAQ:ROOT) Reaches New 12-Month Low – Time to Sell?

Shares of Root, Inc. (NASDAQ:ROOT) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $55.57 and last traded at $56.88, with a volume of 76609 shares traded. The stock had previously closed at $59.13.

Analyst Ratings Changes

A number of equities analysts have weighed in on ROOT shares. Weiss Ratings restated a “sell (d+)” rating on shares of Root in a research note on Monday, December 29th. Wells Fargo & Company set a $75.00 price objective on Root and gave the stock an “equal weight” rating in a report on Tuesday, January 13th. Wall Street Zen downgraded shares of Root from a “hold” rating to a “sell” rating in a research note on Sunday, January 18th. Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Root in a research note on Friday, November 7th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $121.60.

Root Price Performance

The stock has a market capitalization of $910.13 million, a P/E ratio of 17.73 and a beta of 2.76. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a 50-day moving average price of $70.96 and a 200 day moving average price of $82.44.

Institutional Investors Weigh In On Root

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Root by 25.9% in the 3rd quarter. Vanguard Group Inc. now owns 724,541 shares of the company’s stock worth $64,854,000 after purchasing an additional 149,064 shares during the period. Capital Research Global Investors grew its stake in shares of Root by 31.7% during the fourth quarter. Capital Research Global Investors now owns 654,252 shares of the company’s stock valued at $47,257,000 after buying an additional 157,654 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Root by 54.8% in the second quarter. American Century Companies Inc. now owns 357,176 shares of the company’s stock worth $45,708,000 after buying an additional 126,467 shares during the period. Geode Capital Management LLC lifted its stake in shares of Root by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 310,967 shares of the company’s stock valued at $22,466,000 after acquiring an additional 12,238 shares during the last quarter. Finally, Ensign Peak Advisors Inc purchased a new stake in Root during the 2nd quarter valued at about $33,829,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Company Profile

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.