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

Root, Inc. (NASDAQ:ROOT) has received a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $85.25.

A number of analysts have commented on the company. Zacks Research raised Root from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Weiss Ratings raised Root from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Wells Fargo & Company raised their price objective on Root from $52.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. TD Cowen reaffirmed a “hold” rating on shares of Root in a report on Wednesday, June 17th. Finally, UBS Group set a $50.00 target price on Root and gave the stock a “neutral” rating in a report on Monday, May 11th.

Root Trading Down 0.6%

NASDAQ ROOT opened at $63.60 on Wednesday. The company has a fifty day simple moving average of $55.61 and a two-hundred day simple moving average of $57.49. The stock has a market cap of $1.01 billion, a P/E ratio of 19.04 and a beta of 2.85. Root has a 12-month low of $40.91 and a 12-month high of $134.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.61.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $1.25. Root had a net margin of 3.58% and a return on equity of 19.97%. The firm had revenue of $393.50 million for the quarter, compared to analyst estimates of $398.16 million. During the same period in the previous year, the company earned $1.07 earnings per share. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, analysts forecast that Root will post 3.28 earnings per share for the current year.

Institutional Trading of Root

Several institutional investors and hedge funds have recently bought and sold shares of the business. Millennium Management LLC boosted its holdings in shares of Root by 780.1% in the 4th quarter. Millennium Management LLC now owns 220,815 shares of the company’s stock valued at $15,949,000 after acquiring an additional 195,725 shares during the last quarter. UBS Group AG raised its holdings in shares of Root by 372.1% during the third quarter. UBS Group AG now owns 228,738 shares of the company’s stock worth $20,474,000 after purchasing an additional 180,289 shares during the last quarter. Findell Capital Management LLC lifted its position in Root by 291.7% during 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 period. Capital Research Global Investors lifted its position in Root by 31.7% during the fourth quarter. Capital Research Global Investors now owns 654,252 shares of the company’s stock valued at $47,257,000 after purchasing an additional 157,654 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Root by 132.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 170,476 shares of the company’s stock valued at $12,313,000 after purchasing an additional 97,149 shares during the period. 59.82% of the stock is currently owned by institutional investors and hedge funds.

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.