Root (NASDAQ:ROOT) Stock Price Up 8.1%

Root, Inc. (NASDAQ:ROOT)’s stock price traded up 8.1% during mid-day trading on Tuesday . The stock traded as high as $59.37 and last traded at $58.87. 99,053 shares were traded during mid-day trading, a decline of 85% from the average session volume of 649,196 shares. The stock had previously closed at $54.47.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $10.00 to $40.00 in a report on Friday, March 1st. Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $9.00 to $13.00 in a report on Thursday, February 22nd. JMP Securities reissued a “market outperform” rating and issued a $15.00 target price on shares of Root in a research report on Monday, April 15th. Keefe, Bruyette & Woods upgraded shares of Root from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $10.00 to $22.00 in a research report on Monday, February 26th. Finally, Wells Fargo & Company upped their target price on shares of Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Root has an average rating of “Hold” and a consensus price target of $15.88.

Root Trading Up 6.5 %

The company has a market capitalization of $846.95 million, a PE ratio of -5.75 and a beta of 2.85. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60. The business has a fifty day moving average price of $45.83 and a 200 day moving average price of $22.43.

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

Hedge Funds Weigh In On Root

Large investors have recently bought and sold shares of the company. HST Ventures LLC grew its holdings in Root by 21.9% in the fourth quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock worth $544,000 after purchasing an additional 9,317 shares during the last quarter. Cannell Capital LLC lifted its stake in shares of Root by 144.0% in the fourth quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after buying an additional 423,120 shares in the last quarter. Trexquant Investment LP raised its stake in Root by 43.4% during the fourth quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock worth $488,000 after purchasing an additional 14,096 shares during the period. Jump Financial LLC acquired a new position in shares of Root in the fourth quarter valued at approximately $234,000. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Root by 37.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after acquiring an additional 9,390 shares in the last quarter. Institutional investors and hedge funds 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.