Root (NASDAQ:ROOT) Stock Price Target Cut by Keefe, Bruyette & Woods

Root (NASDAQ:ROOT) had its price objective lowered by Keefe, Bruyette & Woods from $75.00 to $70.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods‘s price target would indicate a potential upside of 48.87% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Root in a report on Monday, October 26th. 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 shares of Root from $47.00 to $53.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Jefferies Financial Group lowered shares of Root from a “buy” rating to a “hold” rating and cut their price objective for the company from $78.00 to $58.00 in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $57.75.

Root Stock Down 17.7%

Shares of Root stock traded down $10.13 during trading on Thursday, hitting $47.02. 313,166 shares of the stock traded hands, compared to its average volume of 273,794. The firm has a market cap of $728.34 million, a P/E ratio of 13.22 and a beta of 3.06. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. Root has a 52-week low of $40.91 and a 52-week high of $91.00. The stock’s fifty day simple moving average is $51.36 and its 200 day simple moving average is $54.15.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.23. Root had a net margin of 3.78% and a return on equity of 19.72%. The company had revenue of $381.30 million during the quarter, compared to analyst estimates of $384.43 million. On average, equities analysts predict that Root will post 4.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Root

A number of institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP grew its stake in Root by 49.1% in the first quarter. First Trust Advisors LP now owns 68,050 shares of the company’s stock valued at $3,006,000 after purchasing an additional 22,422 shares during the last quarter. Prosperitas Financial LLC lifted its position in shares of Root by 4.4% during the second quarter. Prosperitas Financial LLC now owns 27,411 shares of the company’s stock valued at $1,533,000 after buying an additional 1,149 shares during the last quarter. Zweig DiMenna Associates LLC purchased a new stake in shares of Root during the first quarter valued at about $1,193,000. Quantinno Capital Management LP purchased a new stake in shares of Root during the first quarter valued at about $920,000. Finally, State of Wyoming bought a new stake in shares of Root in the 3rd quarter valued at about $289,000. Institutional investors own 59.82% of the company’s stock.

Root Company Profile

Root, Inc (NASDAQ:ROOT) is an insurance technology company that uses mobile technology and data-driven underwriting to provide personal insurance products. The company is best known for its automobile insurance, which is offered through a digital platform designed to allow customers to obtain quotes, purchase coverage and manage policies through a smartphone.

Root’s auto insurance model uses information collected through its mobile application, including driving-related data, to evaluate individual driving behavior and help determine eligibility and pricing.