JMP Securities Reiterates Market Outperform Rating for Root (NASDAQ:ROOT)

JMP Securities reiterated their market outperform rating on shares of Root (NASDAQ:ROOT) in a research note released on Monday morning, Benzinga reports. They currently have a $15.00 price target on the stock.

A number of other equities research analysts have also recently issued reports on the company. Cantor Fitzgerald raised Root from a neutral rating to an overweight rating and upped their target price for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Wells Fargo & Company upped their price target on Root from $11.00 to $12.00 and gave the company an equal weight rating in a research report on Thursday, February 22nd. Jefferies Financial Group upgraded Root from a hold rating to a buy rating and raised their price target for the company from $10.00 to $40.00 in a report on Friday, March 1st. Citigroup raised their price target on Root from $11.00 to $12.00 and gave the company a neutral rating in a report on Friday, February 23rd. Finally, TD Cowen initiated coverage on Root in a research note on Wednesday, January 10th. They issued a market perform rating on the stock. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $15.88.

Root Price Performance

Shares of NASDAQ ROOT opened at $63.45 on Monday. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80. The firm’s 50-day simple moving average is $41.14 and its 200 day simple moving average is $20.82. Root has a fifty-two week low of $3.63 and a fifty-two week high of $85.99. The stock has a market cap of $926.37 million, a P/E ratio of -6.20 and a beta of 2.85.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 21st. The company reported ($1.64) earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $108.00 million. Equities analysts expect that Root will post -7.87 EPS for the current year.

Institutional Investors Weigh In On Root

A number of hedge funds and other institutional investors have recently bought and sold shares of ROOT. Citigroup Inc. grew its stake in Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after purchasing an additional 4,365 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Root during the 3rd quarter valued at $309,000. Raymond James & Associates bought a new stake in shares of Root during the 3rd quarter worth $1,315,000. Cannell Capital LLC bought a new stake in shares of Root during the 3rd quarter worth $2,795,000. Finally, Barclays PLC raised its position in Root by 229,380.0% in the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after purchasing an additional 11,469 shares during the last quarter. Institutional investors and hedge funds 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. It operates a direct-to-consumer model; and serves customers primarily through mobile applications, as well as through its website. The company's direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.