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

Root, Inc. (NASDAQ:ROOT)’s stock price was up 8.8% during trading 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. Approximately 179,415 shares traded hands during trading, a decline of 65% from the average daily volume of 519,770 shares. The stock had previously closed at $120.00.

A number of other research analysts have also recently weighed in on ROOT. UBS Group lifted their price objective on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Scotiabank reissued a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Finally, Wells Fargo & Company upped their price objective on Root from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Thursday, April 10th. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $102.67.

Insider Activity at Root

In other news, CEO Alexander E. Timm sold 1,144 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total value of $153,307.44. Following the completion of the sale, the chief executive officer now owns 161,625 shares in the company, valued at $21,659,366.25. This represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $124.78, for a total transaction of $688,161.70. Following the sale, the insider now owns 286,901 shares of the company’s stock, valued at $35,799,506.78. The trade was a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,659 shares of company stock worth $1,191,469 over the last ninety days. 11.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Root

A number of hedge funds have recently added to or reduced their stakes in ROOT. Russell Investments Group Ltd. boosted its holdings in shares of Root by 651.8% during the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after buying an additional 365 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Root during the fourth quarter valued at about $94,000. Aquatic Capital Management LLC boosted its holdings in Root by 92.1% during the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock valued at $112,000 after acquiring an additional 737 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Root in the fourth quarter valued at about $154,000. Finally, FreeGulliver LLC bought a new position in shares of Root in the fourth quarter worth about $203,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Stock Up 1.5 %

The firm has a 50-day moving average of $129.56 and a two-hundred day moving average of $93.29. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -103.42 and a beta of 2.41. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company had revenue of $326.70 million for the quarter, compared to analyst estimates of $287.79 million. As a group, sell-side analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal 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.