Root, Inc. (NASDAQ:ROOT) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Root, Inc. (NASDAQ:ROOT) have received an average recommendation of “Hold” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $121.60.

A number of research analysts have issued reports on the company. Wells Fargo & Company set a $75.00 price target on Root and gave the company an “equal weight” rating in a report on Tuesday, January 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Root in a research note on Monday, December 29th. Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Root in a report on Friday, November 7th. Finally, Wall Street Zen lowered shares of Root from a “hold” rating to a “sell” rating in a research report on Sunday, January 18th.

Root Price Performance

Shares of ROOT opened at $62.08 on Friday. The business’s 50-day moving average is $72.95 and its two-hundred day moving average is $84.40. The company has a market capitalization of $962.86 million, a P/E ratio of 18.76 and a beta of 2.76. Root has a fifty-two week low of $56.00 and a fifty-two week high of $181.14. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.23 and a current ratio of 1.23.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, November 5th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.08. The firm had revenue of $387.80 million for the quarter, compared to the consensus estimate of $363.06 million. Root had a return on equity of 23.36% and a net margin of 3.80%.The company’s revenue was up 26.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.35 earnings per share. Research analysts predict that Root will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On Root

Several institutional investors and hedge funds have recently modified their holdings of ROOT. State of Alaska Department of Revenue acquired a new stake in Root in the third quarter valued at approximately $50,000. Russell Investments Group Ltd. raised its stake in shares of Root by 511.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock worth $94,000 after buying an additional 614 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Root by 28.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,087 shares of the company’s stock worth $139,000 after buying an additional 241 shares during the period. Advisory Services Network LLC purchased a new position in shares of Root during the 3rd quarter valued at approximately $144,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Root by 237.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock valued at $164,000 after buying an additional 899 shares in the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Company Profile

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.