Root (NASDAQ:ROOT) PT Lowered to $6.00

Root (NASDAQ:ROOTGet Rating) had its price objective decreased by analysts at Wells Fargo & Company from $9.00 to $6.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 21.95% from the stock’s previous close.

Several other equities analysts have also weighed in on ROOT. Citigroup began coverage on shares of Root in a report on Wednesday, December 14th. They issued a “neutral” rating on the stock. Keefe, Bruyette & Woods began coverage on shares of Root in a report on Thursday, November 17th. They issued a “market perform” rating and a $9.00 target price on the stock. UBS Group decreased their target price on shares of Root to $9.00 in a report on Wednesday, November 16th. JMP Securities decreased their target price on shares of Root from $25.00 to $20.00 and set a “market outperform” rating on the stock in a report on Tuesday. Finally, Barclays decreased their target price on shares of Root from $17.00 to $8.00 and set an “underweight” rating on the stock in a report on Friday, November 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.44.

Root Stock Performance

ROOT opened at $4.92 on Wednesday. The firm has a market capitalization of $69.37 million, a PE ratio of -0.20 and a beta of 0.71. Root has a twelve month low of $4.06 and a twelve month high of $44.91. The firm’s 50-day moving average price is $5.76 and its 200 day moving average price is $10.60. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.89.

Root (NASDAQ:ROOTGet Rating) last posted its quarterly earnings results on Wednesday, November 9th. The company reported ($4.54) earnings per share for the quarter, topping analysts’ consensus estimates of ($6.01) by $1.47. The firm had revenue of $73.70 million for the quarter, compared to analyst estimates of $75.74 million. Root had a negative net margin of 102.25% and a negative return on equity of 78.93%. As a group, sell-side analysts expect that Root will post -21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Meyer Malka sold 19,536 shares of the company’s stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $4.76, for a total transaction of $92,991.36. Following the sale, the insider now directly owns 77,907 shares of the company’s stock, valued at approximately $370,837.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. 27.59% of the stock is owned by insiders.

Institutional Investors Weigh In On Root

Several large investors have recently added to or reduced their stakes in ROOT. Advisor Group Holdings Inc. increased its stake in Root by 28.1% during the 1st quarter. Advisor Group Holdings Inc. now owns 27,595 shares of the company’s stock worth $54,000 after buying an additional 6,050 shares during the period. Swiss National Bank grew its holdings in Root by 37.1% during the 1st quarter. Swiss National Bank now owns 172,300 shares of the company’s stock worth $339,000 after acquiring an additional 46,600 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Root during the 1st quarter worth approximately $924,000. BlackRock Inc. grew its holdings in Root by 15.3% during the 1st quarter. BlackRock Inc. now owns 1,640,566 shares of the company’s stock worth $3,231,000 after acquiring an additional 217,175 shares in the last quarter. Finally, Ergoteles LLC acquired a new position in Root during the 1st quarter worth approximately $226,000. 70.41% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading

Analyst Recommendations for Root (NASDAQ:ROOT)

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