Research Analysts’ Recent Ratings Changes for Root (ROOT)

A number of research firms have changed their ratings and price targets for Root (NASDAQ: ROOT):

• 5/7/2024 – Root had its “outperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $80.00 price target on the stock, up previously from $70.00.
• 5/1/2024 – Root had its price target raised by analysts at JMP Securities from $15.00 to $90.00. They now have a “market outperform” rating on the stock.
• 5/1/2024 – Root had its price target raised by analysts at Wells Fargo & Company from $64.00 to $78.00. They now have an “equal weight” rating on the stock.
• 4/24/2024 – Root had its “outperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $70.00 price target on the stock, up previously from $22.00.
• 4/15/2024 – Root had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $15.00 price target on the stock.

Root Price Performance

Shares of ROOT stock opened at $70.34 on Friday. The business’s fifty day moving average is $58.20 and its 200 day moving average is $27.05. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.81. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -9.05 and a beta of 2.72. Root, Inc. has a twelve month low of $4.29 and a twelve month high of $86.57.

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

Insider Activity

In other news, major shareholder Meyer Malka sold 13,300 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $60.58, for a total value of $805,714.00. Following the completion of 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 is available at the SEC website. Insiders own 10.34% of the company’s stock.

Hedge Funds Weigh In On Root

Several hedge funds have recently modified their holdings of the stock. Citigroup Inc. boosted its holdings in shares of Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares during the period. Trexquant Investment LP purchased a new position in Root during the third quarter worth $309,000. Raymond James & Associates bought a new position in Root during the third quarter valued at $1,315,000. Cannell Capital LLC purchased a new stake in shares of Root in the third quarter valued at $2,795,000. Finally, Barclays PLC lifted its holdings in shares of Root by 229,380.0% in the 3rd 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 last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.