Root, Inc. (NASDAQ:ROOT) Receives Average Rating of “Hold” from Analysts

Root, Inc. (NASDAQ:ROOT) has been assigned an average rating of “Hold” from the seven analysts that are currently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $108.40.

Several analysts have recently commented on ROOT shares. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $104.00 price target (down from $150.00) on shares of Root in a research report on Thursday, February 26th. Weiss Ratings upgraded shares of Root from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday, February 26th. Wells Fargo & Company dropped their target price on shares of Root from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 26th. Wall Street Zen raised Root from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Zacks Research raised Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th.

Root Stock Performance

Shares of Root stock opened at $48.68 on Thursday. Root has a 52 week low of $46.63 and a 52 week high of $181.14. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average price of $65.25 and a 200-day moving average price of $77.93. The company has a market cap of $755.03 million, a PE ratio of 20.98 and a beta of 2.84.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.28. Root had a return on equity of 15.34% and a net margin of 2.58%.The business had revenue of $397.00 million during the quarter, compared to the consensus estimate of $381.57 million. During the same quarter in the prior year, the company posted $1.30 earnings per share. Root’s revenue was up 21.5% compared to the same quarter last year. Equities analysts anticipate that Root will post -0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Root

Institutional investors have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. increased its holdings in Root by 8.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 946,632 shares of the company’s stock worth $68,376,000 after buying an additional 74,427 shares during the last quarter. XTX Topco Ltd increased its stake in shares of Root by 33.3% during the 4th quarter. XTX Topco Ltd now owns 7,002 shares of the company’s stock worth $506,000 after purchasing an additional 1,750 shares during the last quarter. Twinbeech Capital LP bought a new stake in shares of Root in the 4th quarter worth approximately $1,018,000. Millennium Management LLC lifted its stake in Root by 780.1% in the fourth quarter. Millennium Management LLC now owns 220,815 shares of the company’s stock valued at $15,949,000 after purchasing an additional 195,725 shares during the last quarter. Finally, Findell Capital Management LLC lifted its stake in Root by 291.7% in the fourth quarter. Findell Capital Management LLC now owns 235,000 shares of the company’s stock valued at $16,974,000 after purchasing an additional 175,000 shares during the last quarter. Institutional investors own 59.82% of the company’s stock.

About Root

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.