Root (NASDAQ:ROOT) Stock Price Up 8.1%

Root, Inc. (NASDAQ:ROOT) rose 8.1% during trading on Tuesday . The company traded as high as $59.37 and last traded at $58.87. Approximately 99,053 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 649,196 shares. The stock had previously closed at $54.47.

Wall Street Analysts Forecast Growth

ROOT has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their target price on shares of Root from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Citigroup raised their price objective on shares of Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. JMP Securities reissued a “market outperform” rating and set a $15.00 price objective on shares of Root in a research report on Monday, April 15th. TD Cowen initiated coverage on shares of Root in a research report on Wednesday, January 10th. They set a “market perform” rating on the stock. Finally, Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.88.

Root Price Performance

The company has a debt-to-equity ratio of 1.80, a current ratio of 1.60 and a quick ratio of 1.60. The company’s 50 day moving average is $45.83 and its 200 day moving average is $22.43. The stock has a market cap of $846.95 million, a price-to-earnings ratio of -5.75 and a beta of 2.85.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($1.64) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $194.80 million during the quarter, compared to analysts’ expectations of $108.00 million. Research analysts forecast that Root, Inc. will post -7.87 earnings per share for the current fiscal year.

Institutional Trading of Root

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Citigroup Inc. lifted its stake in shares of Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after purchasing an additional 4,365 shares during the period. HST Ventures LLC raised its position in Root by 21.9% during the fourth quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock worth $544,000 after acquiring an additional 9,317 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Root by 37.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after acquiring an additional 9,390 shares during the last quarter. Barclays PLC raised its position in Root by 229,380.0% during the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after acquiring an additional 11,469 shares during the last quarter. Finally, Corton Capital Inc. acquired a new position in Root during the third quarter worth about $120,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

About Root

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.