Root, Inc. (NASDAQ:ROOT) Receives Average Rating of “Hold” from Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have received an average recommendation of “Hold” from the seven analysts that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $62.25.

A number of research firms have recently issued reports on ROOT. Keefe, Bruyette & Woods lowered their price objective on shares of Root from $95.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. TD Cowen downgraded shares of Root from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 20th. Wells Fargo & Company lifted their price target on shares of Root from $58.00 to $61.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings raised shares of Root from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, July 28th.

Institutional Trading of Root

A number of hedge funds and other institutional investors have recently modified their holdings of ROOT. Sequoia Financial Advisors LLC bought a new position in shares of Root in the second quarter valued at $219,000. Prosperitas Financial LLC raised its position in Root by 4.4% during the second quarter. Prosperitas Financial LLC now owns 27,411 shares of the company’s stock worth $1,533,000 after acquiring an additional 1,149 shares in the last quarter. CoreCap Advisors LLC bought a new stake in Root during the second quarter worth $42,000. Quantinno Capital Management LP acquired a new stake in Root in the first quarter valued at $920,000. Finally, First Trust Advisors LP lifted its stake in Root by 49.1% in the first quarter. First Trust Advisors LP now owns 68,050 shares of the company’s stock valued at $3,006,000 after acquiring an additional 22,422 shares during the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Price Performance

NASDAQ:ROOT opened at $47.40 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $734.23 million, a PE ratio of 13.39 and a beta of 2.92. Root has a 52-week low of $40.91 and a 52-week high of $94.04. The stock has a 50-day simple moving average of $54.40 and a 200 day simple moving average of $53.52.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, August 5th. The company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.66. Root had a return on equity of 19.72% and a net margin of 3.78%.The business had revenue of $389.20 million for the quarter, compared to analyst estimates of $395.14 million. During the same quarter last year, the firm earned $1.29 EPS. Root’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, sell-side analysts expect that Root will post 4.46 EPS for the current fiscal year.

About Root

Root, Inc is a technology-driven insurance company that primarily provides personal automobile insurance in the United States. The company uses a mobile application, data analytics and telematics to evaluate driving behavior and help determine individualized insurance pricing. Customers can use the app to obtain quotes, manage policies, access identification cards and file claims.

Root’s insurance products are designed around a digital, direct-to-consumer model intended to simplify the purchase and management of coverage.