Raymond James & Associates Trims Stock Position in Root, Inc. (NASDAQ:ROOT)

Raymond James & Associates cut its holdings in Root, Inc. (NASDAQ:ROOT) by 61.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,716 shares of the company’s stock after selling 85,603 shares during the quarter. Raymond James & Associates’ holdings in Root were worth $552,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ROOT. Citigroup Inc. grew its holdings in Root by 218,250.0% during the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after buying an additional 4,365 shares during the last quarter. Barclays PLC lifted its position in shares of 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 acquiring an additional 11,469 shares in the last quarter. Corton Capital Inc. acquired a new stake in shares of Root during the third quarter valued at $120,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Root during the 3rd quarter worth about $158,000. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Root by 148.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 24,992 shares of the company’s stock valued at $238,000 after purchasing an additional 14,913 shares during the last quarter. 59.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $70.00 price target (up from $22.00) on shares of Root in a research note on Wednesday. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and lifted their target price for the stock from $10.00 to $40.00 in a research note on Friday, March 1st. Citigroup increased 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. JMP Securities reaffirmed a “market outperform” rating and issued a $15.00 price objective on shares of Root in a research report on Monday, April 15th. Finally, Wells Fargo & Company increased their target price on Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $21.88.

Root Price Performance

Shares of Root stock opened at $62.66 on Friday. The business’s fifty day moving average price is $48.95 and its 200 day moving average price is $23.31. Root, Inc. has a twelve month low of $3.76 and a twelve month high of $85.99. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $914.84 million, a P/E ratio of -6.13 and a beta of 2.86.

Root (NASDAQ:ROOT) last released its quarterly earnings data 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 business had revenue of $194.80 million for the quarter, compared to analyst estimates of $108.00 million. As a group, research analysts anticipate that Root, Inc. will post -7.87 earnings per share for the current year.

Root Profile

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.