Root (NASDAQ:ROOT) Shares Down 6%

Root, Inc. (NASDAQ:ROOT) was down 6% during mid-day trading on Wednesday . The stock traded as low as $58.09 and last traded at $58.13. Approximately 143,988 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 657,935 shares. The stock had previously closed at $61.84.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ROOT shares. TD Cowen started coverage on shares of Root in a research report on Wednesday, January 10th. They issued a “market perform” rating on the stock. Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $9.00 to $13.00 in a research note on Thursday, February 22nd. Wells Fargo & Company boosted their price objective on shares of Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Thursday, February 22nd. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and boosted their price objective for the company from $10.00 to $40.00 in a research note on Friday, March 1st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $15.00 price objective on shares of Root in a research note on Monday. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $15.88.

Root Price Performance

The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80. The stock’s 50 day simple moving average is $42.22 and its 200 day simple moving average is $21.19.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($1.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.49) by $0.85. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. The company had revenue of $194.80 million during the quarter, compared to analysts’ expectations of $108.00 million. As a group, equities research analysts forecast that Root, Inc. will post -7.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. raised its holdings in Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares in the last quarter. UBS Group AG increased its stake in shares of Root by 134.8% in the 4th quarter. UBS Group AG now owns 7,897 shares of the company’s stock worth $35,000 after acquiring an additional 4,533 shares in the last quarter. CIBC Asset Management Inc bought a new position in shares of Root in the 1st quarter worth about $47,000. Delphia USA Inc. bought a new position in shares of Root in the 4th quarter worth about $49,000. Finally, Barclays PLC increased its stake in shares of Root by 229,380.0% in the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after acquiring an additional 11,469 shares in the last quarter. 59.82% of the stock is currently owned by institutional investors.

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.