Root (NASDAQ:ROOT) Stock Price Down 4.6% – Here’s What Happened

Root, Inc. (NASDAQ:ROOT) was down 4.6% during trading on Wednesday . The company traded as low as $55.12 and last traded at $54.5560. Approximately 64,144 shares traded hands during trading, a decline of 80% from the average daily volume of 313,152 shares. The stock had previously closed at $57.17.

Analysts Set New Price Targets

ROOT has been the subject of several research reports. Keefe, Bruyette & Woods decreased their price target on shares of Root from $104.00 to $95.00 and set an “outperform” rating for the company in a report on Tuesday, April 7th. Wall Street Zen upgraded shares of Root from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings lowered shares of Root from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, June 9th. Zacks Research raised shares of Root from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Finally, Wells Fargo & Company increased their price objective on Root from $52.00 to $58.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $93.20.

Root Price Performance

The company has a market capitalization of $797.31 million, a P/E ratio of 15.09 and a beta of 2.87. The stock’s fifty day simple moving average is $53.85 and its 200-day simple moving average is $60.04. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.07 and a quick ratio of 1.07.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $1.25. Root had a return on equity of 19.97% and a net margin of 3.58%.The business had revenue of $393.50 million for the quarter, compared to analyst estimates of $398.16 million. During the same period in the previous year, the company posted $1.07 earnings per share. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts forecast that Root, Inc. will post 2.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Root

Several hedge funds and other institutional investors have recently modified their holdings of ROOT. Millennium Management LLC grew its holdings in shares of Root by 780.1% during the 4th quarter. Millennium Management LLC now owns 220,815 shares of the company’s stock worth $15,949,000 after purchasing an additional 195,725 shares in the last quarter. UBS Group AG raised its stake in shares of Root by 372.1% in the third quarter. UBS Group AG now owns 228,738 shares of the company’s stock valued at $20,474,000 after purchasing an additional 180,289 shares in the last quarter. Findell Capital Management LLC raised its stake in shares of Root by 291.7% in the fourth quarter. Findell Capital Management LLC now owns 235,000 shares of the company’s stock valued at $16,974,000 after purchasing an additional 175,000 shares in the last quarter. Capital Research Global Investors lifted its position in Root by 31.7% in the fourth quarter. Capital Research Global Investors now owns 654,252 shares of the company’s stock worth $47,257,000 after purchasing an additional 157,654 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Root by 25.9% during the third quarter. Vanguard Group Inc. now owns 724,541 shares of the company’s stock worth $64,854,000 after buying an additional 149,064 shares in the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.