Root, Inc. (NASDAQ:ROOT) Stock Has Consensus Target Price of $58.75 According to Analysts

Shares of Root, Inc. (NASDAQ:ROOT) have earned a consensus recommendation of “Hold” from the seven analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $58.75.

A number of analysts recently weighed in on the company. Jefferies Financial Group downgraded Root from a “buy” rating to a “hold” rating and dropped their target price for the stock from $78.00 to $58.00 in a research report on Tuesday, August 11th. Wells Fargo & Company reaffirmed a “cautious” rating on shares of Root in a research note on Monday, October 12th. Weiss Ratings upgraded shares of Root from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods decreased their price target on shares of Root from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Finally, TD Cowen downgraded shares of Root from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 20th.

Hedge Funds Weigh In On Root

Several institutional investors and hedge funds have recently made changes to their positions in ROOT. Findell Capital Management LLC boosted its position in Root by 291.7% during the fourth quarter. Findell Capital Management LLC now owns 235,000 shares of the company’s stock valued at $16,974,000 after buying an additional 175,000 shares during the period. First Trust Advisors LP grew its stake in shares of Root by 49.1% during the first quarter. First Trust Advisors LP now owns 68,050 shares of the company’s stock valued at $3,006,000 after buying an additional 22,422 shares during the last quarter. HB Wealth Management LLC grew its stake in shares of Root by 122.2% during the first quarter. HB Wealth Management LLC now owns 47,248 shares of the company’s stock valued at $2,087,000 after buying an additional 25,986 shares during the last quarter. Prosperitas Financial LLC increased its holdings in shares of Root by 4.4% in the second quarter. Prosperitas Financial LLC now owns 27,411 shares of the company’s stock worth $1,533,000 after buying an additional 1,149 shares during the period. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Root in the first quarter worth about $1,193,000. Institutional investors own 59.82% of the company’s stock.

Root Trading Up 0.4%

Shares of ROOT stock opened at $52.53 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.60. The business has a 50-day moving average price of $51.54 and a two-hundred day moving average price of $53.93. Root has a 12-month low of $40.91 and a 12-month high of $91.00. The firm has a market cap of $813.69 million, a P/E ratio of 14.84 and a beta of 2.91.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.49 EPS for the quarter, beating the consensus estimate of $0.83 by $0.66. The firm had revenue of $389.20 million for 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%. The company’s revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.29 EPS. Equities analysts anticipate that Root will post 4.46 EPS for the current fiscal year.

About Root

Root, Inc (NASDAQ:ROOT) is a technology-driven insurance company that provides primarily personal automobile insurance. Its platform uses mobile technology and telematics, including driving data collected through a smartphone application, to assess driving behavior and help determine personalized insurance pricing.

Customers can obtain quotes, manage policies, submit claims and access insurance documents through Root’s mobile app and online platform. The company’s product offering has centered on usage-based auto insurance, with coverage and availability varying by state and applicable regulatory requirements.

Root was founded in 2015 by Alex Timm and Dan Mayer and is headquartered in Columbus, Ohio.