Root (NASDAQ:ROOT) Rating Reiterated by Keefe, Bruyette & Woods

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

Several other analysts also recently commented on ROOT. JMP Securities increased their target price on shares of Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, May 1st. Jefferies Financial Group upgraded 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 lifted their price target on shares of Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. TD Cowen initiated coverage on Root in a research note on Wednesday, January 10th. They issued a “market perform” rating on the stock. Finally, Wells Fargo & Company lifted their price objective on Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $40.75.

Root Stock Performance

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

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

Insider Activity

In related news, major shareholder Meyer Malka sold 13,300 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $2,611,422.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 10.34% of the company’s stock.

Institutional Investors Weigh In On Root

A number of institutional investors have recently made changes to their positions in the business. Cannell Capital LLC grew its holdings in shares of Root by 144.0% in the fourth quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after purchasing an additional 423,120 shares during the last quarter. Raymond James & Associates purchased a new position in shares of Root in the third quarter valued at about $1,315,000. Trexquant Investment LP purchased a new position in shares of Root in the third quarter valued at about $309,000. Jump Financial LLC bought a new position in shares of Root during the fourth quarter valued at about $234,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Root during the first quarter worth about $1,171,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.