Root (NASDAQ:ROOT) Given New $90.00 Price Target at JMP Securities

Root (NASDAQ:ROOT) had its price target raised by investment analysts at JMP Securities from $15.00 to $90.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price target suggests a potential upside of 17.11% from the stock’s current price.

Other analysts have also recently issued reports about the company. Citigroup upped their target price on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Cantor Fitzgerald upgraded Root from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $9.00 to $13.00 in a research note on Thursday, February 22nd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $70.00 price objective (up previously from $22.00) on shares of Root in a research report on Wednesday, April 24th. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and raised their price objective for the stock from $10.00 to $40.00 in a report on Friday, March 1st. Finally, TD Cowen assumed coverage on shares of Root in a report on Wednesday, January 10th. They issued a “market perform” rating on the stock. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Root has an average rating of “Hold” and a consensus target price of $31.25.

Root Stock Performance

Shares of ROOT stock traded up $7.20 during trading on Wednesday, reaching $76.85. 1,512,748 shares of the company’s stock were exchanged, compared to its average volume of 648,419. Root has a twelve month low of $3.90 and a twelve month high of $86.57. The stock has a market capitalization of $1.12 billion, a PE ratio of -7.65 and a beta of 2.86. The firm’s fifty day moving average price is $51.22 and its 200-day moving average price is $24.28. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80.

Root (NASDAQ:ROOT) last released its earnings results on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($2.51) by $2.09. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. The firm had revenue of $254.90 million for the quarter, compared to analyst estimates of $203.99 million. During the same period last year, the firm earned ($2.88) EPS. The business’s quarterly revenue was up 263.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Root will post -7.87 EPS for the current year.

Institutional Investors Weigh In On Root

A number of institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates purchased a new stake in shares of Root in the 3rd quarter valued at $1,315,000. Raymond James Financial Services Advisors Inc. raised its position in Root by 148.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 24,992 shares of the company’s stock valued at $238,000 after purchasing an additional 14,913 shares during the period. Barclays PLC boosted its position in Root by 229,380.0% in the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after buying an additional 11,469 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Root in the 3rd quarter valued at $158,000. Finally, Trexquant Investment LP acquired a new position in shares of Root in the 3rd quarter valued at $309,000. Institutional investors own 59.82% of the company’s stock.

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.