Root (NASDAQ:ROOT) Shares Up 6.6%

Root, Inc. (NASDAQ:ROOT) rose 6.6% during trading on Thursday . The company traded as high as $60.38 and last traded at $59.76. Approximately 294,729 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 673,110 shares. The stock had previously closed at $56.04.

Wall Street Analyst Weigh In

ROOT has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upgraded Root from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $10.00 to $22.00 in a research note on Monday, February 26th. Citigroup upped their price target on Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Wells Fargo & Company upped their price target on Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. TD Cowen initiated coverage on Root in a research note on Wednesday, January 10th. They set a “market perform” rating for the company. Finally, Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.00 to $40.00 in a research note on Friday, March 1st. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Root presently has a consensus rating of “Hold” and an average price target of $16.00.

Root Stock Performance

The firm has a 50 day moving average of $25.41 and a two-hundred day moving average of $15.42. The stock has a market cap of $891.77 million, a P/E ratio of -5.89 and a beta of 2.71. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, beating the consensus estimate of ($2.49) by $0.85. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The firm had revenue of $194.80 million during the quarter, compared to the consensus estimate of $108.00 million. On average, research analysts predict that Root, Inc. will post -7.87 EPS for the current fiscal year.

Institutional Trading of Root

Several hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. raised its holdings in Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares in the last quarter. UBS Group AG raised its holdings in Root by 134.8% in the 4th quarter. UBS Group AG now owns 7,897 shares of the company’s stock valued at $35,000 after acquiring an additional 4,533 shares in the last quarter. CIBC Asset Management Inc acquired a new position in Root in the 1st quarter valued at approximately $47,000. Delphia USA Inc. acquired a new position in Root in the 4th quarter valued at approximately $49,000. Finally, Barclays PLC raised its holdings in Root by 229,380.0% in the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after acquiring an additional 11,469 shares in the last quarter. Institutional investors own 59.82% of the company’s stock.

About Root

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.