Root (NASDAQ:ROOT) Trading Down 10%

Root, Inc. (NASDAQ:ROOT)’s stock price was down 10% during mid-day trading on Monday . The company traded as low as $74.03 and last traded at $74.62. Approximately 200,055 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 660,568 shares. The stock had previously closed at $82.90.

Analysts Set New Price Targets

A number of research analysts have issued reports on ROOT shares. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and upped their price objective for the company from $10.00 to $40.00 in a research note on Friday, March 1st. Citigroup upped their price target on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Cantor Fitzgerald raised Root from a “neutral” rating to an “overweight” rating and upped their price target for the company from $9.00 to $13.00 in a research report on Thursday, February 22nd. TD Cowen started coverage on Root in a research report on Wednesday, January 10th. They set a “market perform” rating on the stock. Finally, Wells Fargo & Company upped their price target on Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Root presently has an average rating of “Hold” and an average target price of $16.00.

Root Stock Performance

The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80. The business has a 50 day simple moving average of $36.32 and a two-hundred day simple moving average of $19.17.

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

Institutional Trading of Root

Institutional investors and hedge funds have recently modified their holdings of the business. Citigroup Inc. increased its holdings in shares of Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares in the last quarter. UBS Group AG grew its holdings in shares of Root by 134.8% in the fourth quarter. UBS Group AG now owns 7,897 shares of the company’s stock worth $35,000 after acquiring an additional 4,533 shares during the period. CIBC Asset Management Inc bought a new stake in shares of Root in the first quarter worth $47,000. Delphia USA Inc. bought a new stake in shares of Root in the fourth quarter worth $49,000. Finally, Barclays PLC grew its holdings in shares of Root by 229,380.0% in the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after acquiring an additional 11,469 shares during the period. Institutional investors own 59.82% of the company’s stock.

About Root

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.