JMP Securities Boosts Root (NASDAQ:ROOT) Price Target to $90.00

Root (NASDAQ:ROOT) had its price target raised by research analysts at JMP Securities from $15.00 to $90.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 14.96% from the company’s previous close.

Several other research analysts have also commented on ROOT. TD Cowen started coverage on shares of Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Citigroup upped their price target on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $70.00 price objective (up from $22.00) on shares of Root in a research report on Wednesday, April 24th. Wells Fargo & Company increased their price objective on Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. Finally, Cantor Fitzgerald upgraded shares of Root from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $9.00 to $13.00 in a research note on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $31.25.

Root Trading Up 12.4 %

ROOT traded up $8.64 during trading on Wednesday, hitting $78.29. The company’s stock had a trading volume of 1,497,187 shares, compared to its average volume of 648,419. The firm’s 50 day moving average price is $51.22 and its 200-day moving average price is $24.28. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.60 and a quick ratio of 1.60. Root has a twelve month low of $3.90 and a twelve month high of $86.57. The stock has a market cap of $1.14 billion, a PE ratio of -7.65 and a beta of 2.86.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($2.51) by $2.09. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The firm had revenue of $254.90 million for the quarter, compared to analyst estimates of $203.99 million. During the same period in the previous year, the company posted ($2.88) EPS. Root’s revenue for the quarter was up 263.6% on a year-over-year basis. On average, analysts expect that Root will post -7.87 earnings per share for the current year.

Institutional Trading of Root

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Root during the 1st quarter worth approximately $1,171,000. Sequoia Financial Advisors LLC bought a new stake in shares of Root during the 1st quarter worth approximately $293,000. HST Ventures LLC boosted its position in shares of Root by 21.9% during the 4th quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock worth $544,000 after acquiring an additional 9,317 shares in the last quarter. Cannell Capital LLC increased its stake in Root by 144.0% in the fourth quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock valued at $7,515,000 after acquiring an additional 423,120 shares during the last quarter. Finally, Trexquant Investment LP raised its holdings in shares of Root by 43.4% during the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock worth $488,000 after buying an additional 14,096 shares in the last quarter. 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.