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

Root (NASDAQ:ROOT) had its target price raised by JMP Securities from $15.00 to $90.00 in a research report sent to investors on Wednesday morning, Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Several other research firms have also issued reports on ROOT. Citigroup raised their price target 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. Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $70.00 price target (up previously from $22.00) on shares of Root in a report on Wednesday, April 24th. Wells Fargo & Company raised their price objective on Root from $11.00 to $12.00 and gave the stock an equal weight rating in a research report on Thursday, February 22nd. TD Cowen assumed coverage on Root in a research report on Wednesday, January 10th. They set a market perform rating on the stock. Finally, Cantor Fitzgerald raised Root from a neutral rating to an overweight rating and raised their target price for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Root currently has a consensus rating of Hold and a consensus price target of $39.50.

Root Stock Up 0.4 %

ROOT stock opened at $69.91 on Wednesday. The company has a 50-day moving average of $52.43 and a two-hundred day moving average of $24.71. Root has a 52-week low of $3.90 and a 52-week high of $86.57. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60.

Root (NASDAQ:ROOT) last announced its earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($2.51) by $2.09. The firm had revenue of $254.90 million during the quarter, compared to the consensus estimate of $203.99 million. Root had a negative return on equity of 60.68% and a negative net margin of 17.61%. The firm’s revenue for the quarter was up 263.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($2.88) EPS. Equities analysts anticipate that Root will post -7.87 EPS for the current year.

Institutional Trading of Root

Several institutional investors have recently bought and sold shares of ROOT. Citigroup Inc. lifted its holdings in shares of Root by 218,250.0% during the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares during the period. Barclays PLC lifted its holdings in Root by 229,380.0% during the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after purchasing an additional 11,469 shares during the last quarter. Corton Capital Inc. acquired a new position in Root in the third quarter valued at about $120,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Root during the third quarter worth about $158,000. Finally, Jump Financial LLC bought a new stake in Root during the fourth quarter worth about $234,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.