Root, Inc. (NASDAQ:ROOT) Receives $86.00 Consensus PT from Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have been assigned an average recommendation of “Hold” from the seven analysts that are currently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $86.00.

Several research firms have issued reports on ROOT. Weiss Ratings raised Root from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, July 28th. TD Cowen reissued a “hold” rating on shares of Root in a research note on Wednesday, June 17th. Keefe, Bruyette & Woods decreased their target price on Root from $104.00 to $95.00 and set an “outperform” rating on the stock in a report on Tuesday, April 7th. Zacks Research raised Root from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Finally, UBS Group set a $50.00 price target on Root and gave the company a “neutral” rating in a research report on Monday, May 11th.

Institutional Trading of Root

A number of institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in Root by 122.2% in the first quarter. AQR Capital Management LLC now owns 10,229 shares of the company’s stock valued at $1,365,000 after purchasing an additional 5,626 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Root by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock worth $686,000 after purchasing an additional 229 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Root by 389.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 28,905 shares of the company’s stock valued at $3,699,000 after buying an additional 22,997 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Root by 511.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after buying an additional 614 shares during the last quarter. Finally, New York State Common Retirement Fund grew its stake in shares of Root by 29.6% in the 2nd quarter. New York State Common Retirement Fund now owns 3,500 shares of the company’s stock valued at $448,000 after buying an additional 800 shares in the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Stock Up 3.6%

NASDAQ ROOT opened at $59.12 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.07 and a quick ratio of 1.07. The company’s 50 day simple moving average is $56.99 and its 200 day simple moving average is $55.45. Root has a 12 month low of $40.91 and a 12 month high of $129.53. The company has a market capitalization of $935.87 million, a P/E ratio of 17.70 and a beta of 2.89.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, May 6th. The company reported $2.09 EPS for the quarter, beating the consensus estimate of $0.84 by $1.25. The business had revenue of $393.50 million during the quarter, compared to analyst estimates of $398.16 million. Root had a net margin of 3.58% and a return on equity of 19.97%. The business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.07 earnings per share. Equities research analysts expect that Root will post 3.28 earnings per share for the current fiscal year.

About Root

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.