Root, Inc. (NASDAQ:ROOT) Receives $92.40 Consensus Target Price from Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $92.40.

A number of equities analysts recently commented on the stock. Zacks Research raised shares of Root from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Wall Street Zen raised shares of Root from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings raised shares of Root from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday, February 26th. UBS Group cut their target price on shares of Root from $90.00 to $52.00 and set a “neutral” rating for the company in a research report on Monday, March 9th. Finally, Wells Fargo & Company cut their target price on shares of Root from $70.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ROOT. AQR Capital Management LLC grew its stake in Root by 122.2% in the first quarter. AQR Capital Management LLC now owns 10,229 shares of the company’s stock valued at $1,365,000 after purchasing an additional 5,626 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Root by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock valued at $686,000 after purchasing an additional 229 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Root by 389.3% in the second quarter. JPMorgan Chase & Co. now owns 28,905 shares of the company’s stock valued at $3,699,000 after purchasing an additional 22,997 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Root by 511.7% in the second quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after purchasing an additional 614 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in Root by 29.6% in the second quarter. New York State Common Retirement Fund now owns 3,500 shares of the company’s stock valued at $448,000 after purchasing an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Trading Up 5.0%

Root stock opened at $54.48 on Friday. The company has a 50 day moving average price of $49.07 and a 200 day moving average price of $65.53. Root has a 52 week low of $40.91 and a 52 week high of $162.99. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.21 and a current ratio of 1.21. The firm has a market capitalization of $847.71 million, a price-to-earnings ratio of 23.48 and a beta of 2.90.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.28. Root had a net margin of 2.58% and a return on equity of 15.34%. The firm had revenue of $397.00 million during the quarter, compared to analyst estimates of $381.57 million. During the same quarter last year, the business posted $1.30 EPS. The company’s revenue was up 21.5% on a year-over-year basis. Research analysts forecast that Root will post 2.15 EPS for the current year.

Root Company Profile

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.