Root (NASDAQ:ROOT) Trading Up 8.8% After Analyst Upgrade

Shares of Root, Inc. (NASDAQ:ROOT) shot up 8.8% on Monday after Jefferies Financial Group raised their price target on the stock from $115.00 to $150.00. Jefferies Financial Group currently has a buy rating on the stock. Root traded as high as $131.96 and last traded at $130.50. 179,415 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 519,770 shares. The stock had previously closed at $120.00.

ROOT has been the topic of several other reports. Scotiabank restated a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Wells Fargo & Company raised their price target on shares of Root from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Thursday, April 10th. Finally, UBS Group upped their price objective on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Six equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $102.67.

Insider Buying and Selling

In related news, Director Doug Ulman sold 2,000 shares of Root stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the sale, the director now owns 6,201 shares of the company’s stock, valued at approximately $1,085,175. The trade was a 24.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the transaction, the insider now directly owns 286,901 shares of the company’s stock, valued at approximately $35,799,506.78. This trade represents a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,659 shares of company stock valued at $1,191,469. 11.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Root

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Root by 16.2% during the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after purchasing an additional 73,413 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in Root in the 4th quarter worth approximately $29,661,000. Renaissance Technologies LLC grew its stake in Root by 41.8% in the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock valued at $19,129,000 after buying an additional 77,699 shares in the last quarter. State Street Corp raised its holdings in Root by 0.3% during the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after acquiring an additional 444 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Root by 163.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock worth $9,286,000 after acquiring an additional 79,317 shares in the last quarter. 59.82% of the stock is currently owned by institutional investors.

Root Trading Up 4.4 %

The stock has a market cap of $1.90 billion, a PE ratio of -101.86 and a beta of 2.41. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm has a 50-day simple moving average of $129.21 and a 200-day simple moving average of $93.05.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $1.93. The business had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. Equities analysts forecast that Root, Inc. will post -0.08 earnings per share for the current year.

Root Company 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.