Root, Inc. (NASDAQ:ROOT) Given Average Recommendation of “Hold” by Analysts

Root, Inc. (NASDAQ:ROOT) has been given an average rating of “Hold” by the seven brokerages that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $62.25.

A number of research analysts have issued reports on the stock. Jefferies Financial Group downgraded shares of Root from a “buy” rating to a “hold” rating and reduced their price objective for the company from $78.00 to $58.00 in a research report on Tuesday, August 11th. TD Cowen downgraded shares of Root from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 20th. Wells Fargo & Company lifted their price objective on Root from $58.00 to $61.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Weiss Ratings upgraded Root from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods decreased their target price on Root from $95.00 to $80.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ROOT. AQR Capital Management LLC increased its stake in shares of Root by 122.2% during 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. increased its position in Root by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock valued at $686,000 after buying an additional 229 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Root by 389.3% during the second quarter. JPMorgan Chase & Co. now owns 28,905 shares of the company’s stock valued at $3,699,000 after buying an additional 22,997 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in 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 in the last quarter. Finally, New York State Common Retirement Fund boosted its holdings 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 worth $448,000 after acquiring an additional 800 shares in the last quarter. 59.82% of the stock is owned by hedge funds and other institutional investors.

Root Stock Performance

Shares of NASDAQ:ROOT opened at $54.87 on Thursday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average price of $57.27 and a 200-day moving average price of $53.89. The company has a market cap of $849.94 million, a price-to-earnings ratio of 15.50 and a beta of 2.92. Root has a 12 month low of $40.91 and a 12 month high of $104.47.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.66. The business had revenue of $389.20 million during the quarter, compared to analyst estimates of $395.14 million. Root had a return on equity of 19.72% and a net margin of 3.78%.Root’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.29 EPS. As a group, equities analysts anticipate that Root will post 4.46 EPS for the current year.

About Root

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.