Root (NASDAQ:ROOT) Hits New 12-Month Low – Here’s What Happened

Root, Inc. (NASDAQ:ROOT) reached a new 52-week low during trading on Monday . The stock traded as low as $48.25 and last traded at $49.6750, with a volume of 102243 shares traded. The stock had previously closed at $51.88.

Analyst Upgrades and Downgrades

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

Root Trading Down 5.4%

The company has a debt-to-equity ratio of 0.70, a current ratio of 1.21 and a quick ratio of 1.21. The business has a fifty day moving average of $66.76 and a 200-day moving average of $78.72. The stock has a market capitalization of $761.57 million, a price-to-earnings ratio of 21.19 and a beta of 2.84.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.28. The company had revenue of $397.00 million during the quarter, compared to analyst estimates of $381.57 million. Root had a net margin of 2.58% and a return on equity of 15.34%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.30 EPS. On average, equities analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Root

A number of institutional investors and hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. raised its holdings in Root by 8.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 946,632 shares of the company’s stock worth $68,376,000 after buying an additional 74,427 shares during the period. Vanguard Group Inc. raised its holdings in shares of Root by 25.9% during the third quarter. Vanguard Group Inc. now owns 724,541 shares of the company’s stock valued at $64,854,000 after acquiring an additional 149,064 shares during the period. Capital Research Global Investors lifted its position in shares of Root by 31.7% in the 4th quarter. Capital Research Global Investors now owns 654,252 shares of the company’s stock valued at $47,257,000 after acquiring an additional 157,654 shares in the last quarter. American Century Companies Inc. boosted its stake in Root by 54.8% in the 2nd quarter. American Century Companies Inc. now owns 357,176 shares of the company’s stock worth $45,708,000 after purchasing an additional 126,467 shares during the period. Finally, Geode Capital Management LLC grew its position in Root by 4.1% during the 4th quarter. Geode Capital Management LLC now owns 310,967 shares of the company’s stock worth $22,466,000 after purchasing an additional 12,238 shares in the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

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.