Root (NASDAQ:ROOT) Shares Gap Down to $69.91

Root, Inc. (NASDAQ:ROOT) shares gapped down before the market opened on Thursday . The stock had previously closed at $69.91, but opened at $67.00. Root shares last traded at $58.07, with a volume of 411,458 shares.

Analysts Set New Price Targets

ROOT has been the topic of several recent research reports. Citigroup boosted their price target on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Jefferies Financial Group raised shares of Root from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.00 to $40.00 in a research note on Friday, March 1st. JMP Securities raised their price objective on shares of Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a research note on Wednesday. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $70.00 price objective (up previously from $22.00) on shares of Root in a report on Wednesday, April 24th. Finally, Wells Fargo & Company increased their target price on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Root presently has a consensus rating of “Hold” and an average target price of $39.50.

Root Price Performance

The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.60 and a current ratio of 1.51. The stock has a market capitalization of $821.83 million, a PE ratio of -7.24 and a beta of 2.72. The company’s fifty day simple moving average is $55.31 and its two-hundred day simple moving average is $25.56.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Tuesday, April 30th. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.51) by $2.09. The business had revenue of $254.90 million during the quarter, compared to analysts’ expectations of $203.99 million. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. The company’s revenue was up 263.6% on a year-over-year basis. During the same period last year, the company posted ($2.88) EPS. As a group, sell-side analysts predict that Root, Inc. will post -6.59 EPS for the current year.

Institutional Trading of Root

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Citigroup Inc. grew its position 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. Trexquant Investment LP purchased a new stake in Root in the 3rd quarter valued at about $309,000. Raymond James & Associates acquired a new position in shares of Root during the 3rd quarter valued at about $1,315,000. Cannell Capital LLC acquired a new stake in shares of Root in the third quarter worth approximately $2,795,000. Finally, Barclays PLC grew its holdings in Root by 229,380.0% in the third 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 period. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.