Brokerages Set Root, Inc. (NASDAQ:ROOT) Price Target at $85.25

Shares of Root, Inc. (NASDAQ:ROOT) have received a consensus recommendation of “Hold” from the seven research firms that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $86.00.

A number of brokerages recently issued reports on ROOT. TD Cowen reissued a “hold” rating on shares of Root in a research report on Wednesday, June 17th. UBS Group set a $50.00 price target on Root and gave the stock a “neutral” rating in a research report on Monday, May 11th. Weiss Ratings cut shares of Root from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday. Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Root from $104.00 to $95.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 7th.

Institutional Investors Weigh In On Root

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ROOT. AQR Capital Management LLC boosted its stake in shares of Root by 122.2% during the 1st quarter. AQR Capital Management LLC now owns 10,229 shares of the company’s stock worth $1,365,000 after buying an additional 5,626 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Root by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock valued at $686,000 after acquiring an additional 229 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Root by 389.3% in the second quarter. JPMorgan Chase & Co. now owns 28,905 shares of the company’s stock valued at $3,699,000 after acquiring an additional 22,997 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Root by 511.7% in the second quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after acquiring an additional 614 shares during the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Root by 29.6% during 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 currently owned by institutional investors and hedge funds.

Root Stock Performance

ROOT opened at $61.73 on Wednesday. The business’s 50-day moving average price is $56.56 and its two-hundred day moving average price is $57.11. Root has a 1 year low of $40.91 and a 1 year high of $134.00. The company has a market capitalization of $977.19 million, a price-to-earnings ratio of 18.48 and a beta of 2.85. 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 issued its quarterly earnings results on Wednesday, May 6th. The company reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $1.25. The company had revenue of $393.50 million for the quarter, compared to analyst estimates of $398.16 million. Root had a return on equity of 19.97% and a net margin of 3.58%.The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 earnings per share. Equities analysts expect that Root will post 3.28 EPS for the current fiscal year.

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.