Wells Fargo & Company Has Lowered Expectations for Root (NASDAQ:ROOT) Stock Price

Root (NASDAQ:ROOT) had its price target decreased by research analysts at Wells Fargo & Company from $53.00 to $47.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential downside of 3.59% from the stock’s previous close.

ROOT has been the topic of several other research reports. TD Cowen lowered shares of Root from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 20th. Jefferies Financial Group downgraded Root from a “buy” rating to a “hold” rating and cut their price objective for the company from $78.00 to $58.00 in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods cut their price objective on Root from $95.00 to $80.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Finally, Weiss Ratings raised Root from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Root presently has a consensus rating of “Hold” and an average price target of $58.75.

Root Stock Performance

NASDAQ:ROOT opened at $48.75 on Monday. Root has a twelve month low of $40.91 and a twelve month high of $91.00. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average of $51.78 and a 200-day moving average of $53.70. The firm has a market cap of $755.14 million, a price-to-earnings ratio of 13.77 and a beta of 2.91.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.66. Root had a net margin of 3.78% and a return on equity of 19.72%. The company had revenue of $389.20 million for the quarter, compared to analysts’ expectations of $395.14 million. During the same quarter in the previous year, the company posted $1.29 EPS. The business’s revenue was up 1.6% compared to the same quarter last year. Analysts forecast that Root will post 4.46 earnings per share for the current fiscal year.

Institutional Trading of Root

Hedge funds have recently bought and sold shares of the company. Findell Capital Management LLC boosted its holdings in shares of Root by 291.7% in the fourth quarter. Findell Capital Management LLC now owns 235,000 shares of the company’s stock worth $16,974,000 after buying an additional 175,000 shares during the period. First Trust Advisors LP raised its holdings in shares of Root by 49.1% during the first quarter. First Trust Advisors LP now owns 68,050 shares of the company’s stock valued at $3,006,000 after acquiring an additional 22,422 shares during the period. HB Wealth Management LLC raised its holdings in shares of Root by 122.2% during the first quarter. HB Wealth Management LLC now owns 47,248 shares of the company’s stock valued at $2,087,000 after acquiring an additional 25,986 shares during the period. Prosperitas Financial LLC lifted its position in shares of Root by 4.4% in the 2nd quarter. Prosperitas Financial LLC now owns 27,411 shares of the company’s stock valued at $1,533,000 after acquiring an additional 1,149 shares in the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new stake in shares of Root in the 1st quarter valued at approximately $1,193,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

Root Company Profile

Root, Inc (NASDAQ:ROOT) is a technology-driven insurance company that provides primarily personal automobile insurance. Its platform uses mobile technology and telematics, including driving data collected through a smartphone application, to assess driving behavior and help determine personalized insurance pricing.

Customers can obtain quotes, manage policies, submit claims and access insurance documents through Root’s mobile app and online platform. The company’s product offering has centered on usage-based auto insurance, with coverage and availability varying by state and applicable regulatory requirements.

Root was founded in 2015 by Alex Timm and Dan Mayer and is headquartered in Columbus, Ohio.