Root (NASDAQ:ROOT) Reaches New 12-Month High at $65.19

Root, Inc. (NASDAQ:ROOT)’s share price reached a new 52-week high on Monday . The stock traded as high as $65.19 and last traded at $62.42, with a volume of 159956 shares. The stock had previously closed at $61.08.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $10.00 to $40.00 in a research report on Friday, March 1st. TD Cowen assumed coverage on Root in a report on Wednesday, January 10th. They set a “market perform” rating for the company. Citigroup upped their price objective on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Wells Fargo & Company raised their price objective on Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Thursday, February 22nd. Finally, Keefe, Bruyette & Woods upgraded Root from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $10.00 to $22.00 in a research report on Monday, February 26th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Root presently has a consensus rating of “Hold” and an average target price of $16.00.

Root Stock Up 0.4 %

The stock has a market capitalization of $894.98 million, a P/E ratio of -5.88 and a beta of 2.85. The company’s 50-day moving average price is $27.49 and its 200 day moving average price is $16.15. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($1.64) EPS for the quarter, topping analysts’ consensus estimates of ($2.49) by $0.85. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. The business had revenue of $194.80 million during the quarter, compared to analysts’ expectations of $108.00 million. As a group, equities analysts expect that Root, Inc. will post -7.87 earnings per share for the current year.

Hedge Funds Weigh In On Root

Several large investors have recently made changes to their positions in the company. UBS Group AG raised its holdings in Root by 134.8% in the 4th quarter. UBS Group AG now owns 7,897 shares of the company’s stock valued at $35,000 after acquiring an additional 4,533 shares during the last quarter. Citigroup Inc. lifted its position in Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares during the last quarter. Walleye Capital LLC acquired a new position in Root in the first quarter valued at $43,000. CIBC Asset Management Inc acquired a new position in shares of Root during the first quarter worth about $47,000. Finally, Legal & General Group Plc boosted its holdings in Root by 161.6% during the second quarter. Legal & General Group Plc now owns 40,217 shares of the company’s stock worth $48,000 after buying an additional 24,844 shares in the last quarter. 59.82% of the stock is currently owned by institutional investors and hedge funds.

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.