Zacks: Brokerages Anticipate Root, Inc. (NASDAQ:ROOT) Will Announce Quarterly Sales of $84.78 Million

Equities analysts expect Root, Inc. (NASDAQ:ROOT – Get Rating) to post sales of $84.78 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Root’s earnings, with estimates ranging from $69.50 million to $107.00 million. Root posted sales of $68.60 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 23.6%. The firm is expected to announce its next quarterly earnings report after the market closes on Monday, January 1st.

On average, analysts expect that Root will report full year sales of $301.47 million for the current year, with estimates ranging from $246.70 million to $384.00 million. For the next financial year, analysts anticipate that the company will report sales of $247.81 million, with estimates ranging from $206.00 million to $307.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Root.

ROOT has been the subject of a number of research reports. Wells Fargo & Company lowered their price target on Root from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 4th. Morgan Stanley lowered their price target on Root from $7.00 to $2.07 and set an “equal weight” rating for the company in a research report on Thursday, March 3rd. UBS Group lowered their price target on Root from $6.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, February 28th. Barclays lowered their price target on Root from $3.00 to $1.50 and set an “underweight” rating for the company in a research report on Monday, February 28th. Finally, Zacks Investment Research downgraded Root from a “buy” rating to a “hold” rating in a research report on Tuesday, March 1st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $5.95.

In other Root news, Director Lawrence A. Hilsheimer purchased 28,735 shares of the business’s stock in a transaction that occurred on Tuesday, March 1st. The shares were acquired at an average price of $1.75 per share, for a total transaction of $50,286.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel H. Rosenthal purchased 100,000 shares of the business’s stock in a transaction that occurred on Monday, March 14th. The stock was acquired at an average price of $1.52 per share, for a total transaction of $152,000.00. The disclosure for this purchase can be found here. 54.41% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in ROOT. Morgan Stanley lifted its stake in shares of Root by 11.4% in the second quarter. Morgan Stanley now owns 641,794 shares of the company’s stock worth $6,943,000 after acquiring an additional 65,777 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Root during the third quarter valued at approximately $1,374,000. AE Wealth Management LLC acquired a new stake in Root during the third quarter valued at approximately $67,000. Versor Investments LP acquired a new stake in Root during the third quarter valued at approximately $57,000. Finally, Advisor Group Holdings Inc. raised its stake in Root by 31.0% during the third quarter. Advisor Group Holdings Inc. now owns 18,925 shares of the company’s stock valued at $101,000 after buying an additional 4,475 shares in the last quarter. Institutional investors and hedge funds own 34.34% of the company’s stock.

Shares of NASDAQ:ROOT opened at $1.56 on Monday. The company has a market cap of $396.24 million, a P/E ratio of -0.75 and a beta of -0.14. Root has a 52 week low of $1.30 and a 52 week high of $14.70. The business has a fifty day simple moving average of $1.78 and a 200-day simple moving average of $2.97.

About Root (Get Rating)

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.

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