Root, Inc. (NASDAQ:ROOT) Given Consensus Rating of “Hold” by Brokerages

Shares of Root, Inc. (NASDAQ:ROOT) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $86.00.

Several brokerages have recently issued reports on ROOT. Keefe, Bruyette & Woods decreased their price objective on Root from $104.00 to $95.00 and set an “outperform” rating for the company in a report on Tuesday, April 7th. TD Cowen reaffirmed a “hold” rating on shares of Root in a report on Wednesday, June 17th. Wells Fargo & Company raised their target price on Root from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Thursday. Weiss Ratings upgraded Root from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, UBS Group set a $50.00 price target on Root and gave the company a “neutral” rating in a report on Monday, May 11th.

Hedge Funds Weigh In On Root

Large investors have recently made changes to their positions in the company. CoreCap Advisors LLC acquired a new stake in Root during the second quarter valued at $42,000. Russell Investments Group Ltd. raised its position in shares of Root by 511.7% in the second quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock worth $94,000 after acquiring an additional 614 shares during the period. Advisory Services Network LLC acquired a new position in shares of Root in the third quarter worth about $144,000. Tower Research Capital LLC TRC boosted its stake in shares of Root by 237.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock worth $164,000 after acquiring an additional 899 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Root during the 3rd quarter worth about $194,000. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Root Stock Performance

Shares of Root stock opened at $64.36 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a fifty day moving average price of $56.27 and a 200 day moving average price of $57.27. Root has a 1 year low of $40.91 and a 1 year high of $134.00. The stock has a market cap of $1.02 billion, a PE ratio of 19.27 and a beta of 2.85.

Root (NASDAQ:ROOT) last posted its earnings results on Wednesday, May 6th. The company reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $1.25. The company had revenue of $393.50 million during the quarter, compared to the consensus estimate of $398.16 million. Root had a net margin of 3.58% and a return on equity of 19.97%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 earnings per share. Equities research analysts predict that Root will post 3.28 earnings per share 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.