Morgan Stanley Cuts Root (NASDAQ:ROOT) Price Target to $8.50

Root (NASDAQ:ROOTGet Rating) had its price objective decreased by Morgan Stanley from $20.93 to $8.50 in a report released on Tuesday, MarketBeat Ratings reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other analysts have also issued reports on the company. Barclays lowered their target price on Root from $17.00 to $8.00 and set an underweight rating on the stock in a report on Friday, November 11th. Truist Financial lowered their target price on Root from $22.50 to $9.00 in a report on Tuesday, November 15th. JMP Securities lowered their target price on Root from $90.00 to $25.00 and set a market outperform rating on the stock in a report on Tuesday, October 18th. Cantor Fitzgerald raised their target price on Root from $6.00 to $30.00 in a report on Friday, August 19th. Finally, Keefe, Bruyette & Woods initiated coverage on Root in a report on Thursday, November 17th. They issued a market perform rating and a $9.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Root presently has a consensus rating of Hold and a consensus price target of $16.34.

Root Stock Up 7.5 %

Shares of ROOT stock opened at $7.29 on Tuesday. The stock’s 50 day simple moving average is $7.93 and its 200 day simple moving average is $15.66. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.95 and a current ratio of 1.95. Root has a twelve month low of $6.26 and a twelve month high of $76.68. The company has a market capitalization of $102.79 million, a price-to-earnings ratio of -0.30 and a beta of 0.55.

Root (NASDAQ:ROOTGet Rating) last issued its quarterly earnings data on Wednesday, November 9th. The company reported ($4.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($6.01) by $1.47. Root had a negative return on equity of 78.93% and a negative net margin of 102.25%. The business had revenue of $73.70 million for the quarter, compared to the consensus estimate of $75.74 million. As a group, research analysts predict that Root will post -20.96 EPS for the current year.

Institutional Trading of Root

Several institutional investors have recently bought and sold shares of ROOT. CTC Capital Management LLC acquired a new stake in Root in the 1st quarter valued at $25,000. Strs Ohio acquired a new stake in Root in the 2nd quarter valued at $38,000. Walleye Capital LLC acquired a new stake in Root in the 1st quarter valued at $43,000. FNY Investment Advisers LLC boosted its stake in Root by 1,833.3% in the 3rd quarter. FNY Investment Advisers LLC now owns 5,800 shares of the company’s stock valued at $45,000 after buying an additional 5,500 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Root by 161.6% in the 2nd quarter. Legal & General Group Plc now owns 40,217 shares of the company’s stock valued at $48,000 after buying an additional 24,844 shares in the last quarter.

About Root

(Get Rating)

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.

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Analyst Recommendations for Root (NASDAQ:ROOT)

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