Root, Inc. (NASDAQ:ROOT) Expected to Announce Quarterly Sales of $84.97 Million

Analysts expect that Root, Inc. (NASDAQ:ROOTGet Rating) will announce $84.97 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Root’s earnings. The highest sales estimate is $100.00 million and the lowest is $73.00 million. Root posted sales of $89.80 million in the same quarter last year, which suggests a negative year over year growth rate of 5.4%. The company is expected to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Root will report full-year sales of $319.51 million for the current fiscal year, with estimates ranging from $287.20 million to $378.00 million. For the next fiscal year, analysts expect that the company will report sales of $261.56 million, with estimates ranging from $210.10 million to $333.00 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Root.

Root (NASDAQ:ROOTGet Rating) last released its quarterly earnings data on Wednesday, February 23rd. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.05. The business had revenue of $93.20 million for the quarter, compared to the consensus estimate of $73.60 million.

ROOT has been the subject of several analyst reports. UBS Group lowered their target price on shares of Root from $6.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, February 28th. Zacks Investment Research lowered shares of Root from a “buy” rating to a “hold” rating in a report on Thursday, May 5th. Barclays lowered their target price on shares of Root from $3.00 to $1.50 and set an “underweight” rating for the company in a report on Monday, February 28th. Finally, Morgan Stanley lowered their target price on shares of Root from $7.00 to $2.07 and set an “equal weight” rating for the company in a report on Thursday, March 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Root presently has an average rating of “Hold” and a consensus target price of $5.33.

In related news, CFO Daniel H. Rosenthal bought 100,000 shares of the stock in a transaction that occurred on Monday, March 14th. The stock was bought at an average cost of $1.52 per share, for a total transaction of $152,000.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lawrence A. Hilsheimer bought 28,735 shares of the stock in a transaction that occurred on Tuesday, March 1st. The stock was bought at an average price of $1.75 per share, with a total value of $50,286.25. The disclosure for this purchase can be found here. Company insiders own 54.41% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its stake in Root by 11.4% during the 2nd quarter. Morgan Stanley now owns 641,794 shares of the company’s stock valued at $6,943,000 after acquiring an additional 65,777 shares during the period. Advisor Group Holdings Inc. lifted its stake in shares of Root by 31.0% in the 3rd quarter. Advisor Group Holdings Inc. now owns 18,925 shares of the company’s stock valued at $101,000 after purchasing an additional 4,475 shares during the period. Truist Financial Corp lifted its stake in shares of Root by 197.0% in the 3rd quarter. Truist Financial Corp now owns 137,417 shares of the company’s stock valued at $724,000 after purchasing an additional 91,142 shares during the period. BlackRock Inc. lifted its stake in shares of Root by 32.4% in the 3rd quarter. BlackRock Inc. now owns 1,245,948 shares of the company’s stock valued at $6,566,000 after purchasing an additional 304,933 shares during the period. Finally, CIBC Asset Management Inc acquired a new position in shares of Root in the 3rd quarter valued at $55,000. Institutional investors own 51.96% of the company’s stock.

Root stock opened at $1.36 on Friday. The firm has a 50-day moving average price of $1.78 and a 200-day moving average price of $2.60. The firm has a market capitalization of $345.44 million, a PE ratio of -0.68 and a beta of -0.37. Root has a 12-month low of $1.14 and a 12-month high of $14.70.

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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