Root (NASDAQ:ROOT) Earns Outperform Rating from Keefe, Bruyette & Woods

Root (NASDAQ:ROOT)‘s stock had its “outperform” rating restated by analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $80.00 target price on the stock, up from their prior target price of $70.00. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 28.04% from the stock’s current price.

A number of other equities research analysts have also weighed in on ROOT. Citigroup lifted their price objective on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Wells Fargo & Company boosted their price target on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, May 1st. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and raised their price objective for the stock from $10.00 to $40.00 in a report on Friday, March 1st. Cantor Fitzgerald upgraded 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 report on Thursday, February 22nd. Finally, JMP Securities raised their price target on Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $40.75.

Root Trading Down 0.8 %

ROOT opened at $62.48 on Tuesday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.51 and a current ratio of 1.51. The stock’s 50 day moving average price is $57.43 and its 200-day moving average price is $26.75. Root has a one year low of $4.29 and a one year high of $86.57. The stock has a market cap of $912.21 million, a price-to-earnings ratio of -8.04 and a beta of 2.72.

Root (NASDAQ:ROOT) last released its earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.51) by $2.09. Root had a negative return on equity of 62.36% and a negative net margin of 17.61%. The business had revenue of $254.90 million for the quarter, compared to analyst estimates of $203.99 million. During the same quarter last year, the firm posted ($2.88) earnings per share. The business’s revenue was up 263.6% compared to the same quarter last year. On average, equities analysts forecast that Root will post -6.59 EPS for the current year.

Insider Buying and Selling at Root

In other news, major shareholder Meyer Malka sold 13,300 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $60.58, for a total value of $805,714.00. Following the sale, the insider now directly owns 43,107 shares in the company, valued at approximately $2,611,422.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Root

A number of institutional investors have recently bought and sold shares of the business. Citigroup Inc. lifted its stake in shares of Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after purchasing an additional 4,365 shares during the period. Trexquant Investment LP purchased a new position in shares of Root in the 3rd quarter valued at about $309,000. Raymond James & Associates acquired a new position in Root in the 3rd quarter worth about $1,315,000. Cannell Capital LLC acquired a new position in shares of Root during the 3rd quarter worth approximately $2,795,000. Finally, Barclays PLC raised its position in Root by 229,380.0% during the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after acquiring an additional 11,469 shares during the period. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.