Root (NASDAQ:ROOT) Shares Down 6%

Root, Inc. (NASDAQ:ROOT) fell 6% on Wednesday . The stock traded as low as $58.09 and last traded at $58.13. 143,988 shares traded hands during trading, a decline of 78% from the average session volume of 657,935 shares. The stock had previously closed at $61.84.

Analyst Ratings Changes

Several research firms have recently weighed in on ROOT. Wells Fargo & Company raised their price objective on shares of Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. Citigroup raised their price target on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Cantor Fitzgerald raised shares of Root from a “neutral” rating to an “overweight” rating and raised their price target for the company from $9.00 to $13.00 in a report on Thursday, February 22nd. Keefe, Bruyette & Woods raised shares of Root from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $10.00 to $22.00 in a report on Monday, February 26th. Finally, TD Cowen started coverage on shares of Root in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.88.

Root Price Performance

The company has a debt-to-equity ratio of 1.80, a current ratio of 1.60 and a quick ratio of 1.60. The stock’s 50 day moving average is $42.22 and its two-hundred day moving average is $21.19.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.49) by $0.85. The firm had revenue of $194.80 million during the quarter, compared to analyst estimates of $108.00 million. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. Sell-side analysts expect that Root, Inc. will post -7.87 earnings per share for the current year.

Institutional Investors Weigh In On Root

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its position in Root by 218,250.0% during the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after buying an additional 4,365 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Root in the 3rd quarter valued at about $309,000. Raymond James & Associates bought a new stake in shares of Root in the 3rd quarter valued at about $1,315,000. Cannell Capital LLC bought a new stake in shares of Root in the 3rd quarter valued at about $2,795,000. Finally, Barclays PLC raised its holdings in shares of Root by 229,380.0% in the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after purchasing an additional 11,469 shares during the period. 59.82% of the stock is owned by institutional investors.

About Root

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. It operates a direct-to-consumer model; and serves customers primarily through mobile applications, as well as through its website. The company's direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.