Root’s (ROOT) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities restated their market outperform rating on shares of Root (NASDAQ:ROOT) in a research note issued to investors on Monday morning, Benzinga reports. JMP Securities currently has a $15.00 price objective on the stock.

Other analysts have also issued research reports about the company. Cantor Fitzgerald raised Root from a neutral rating to an overweight rating and lifted their price objective for the stock from $9.00 to $13.00 in a report on Thursday, February 22nd. Jefferies Financial Group raised Root from a hold rating to a buy rating and lifted their price objective for the stock from $10.00 to $40.00 in a report on Friday, March 1st. Keefe, Bruyette & Woods raised Root from a market perform rating to an outperform rating and lifted their price objective for the stock from $10.00 to $22.00 in a report on Monday, February 26th. Wells Fargo & Company lifted their price objective on Root from $11.00 to $12.00 and gave the stock an equal weight rating in a report on Thursday, February 22nd. Finally, TD Cowen initiated coverage on 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’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $15.88.

Root Stock Down 4.3 %

Root stock opened at $51.43 on Monday. The firm has a market cap of $750.88 million, a price-to-earnings ratio of -5.03 and a beta of 2.86. The stock has a fifty day simple moving average of $44.03 and a two-hundred day simple moving average of $21.63. Root has a 12 month low of $3.63 and a 12 month high of $85.99. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80.

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

Institutional Trading of Root

Hedge funds have recently bought and sold shares of the stock. UBS Group AG lifted its position in shares of Root by 134.8% in the fourth quarter. UBS Group AG now owns 7,897 shares of the company’s stock valued at $35,000 after acquiring an additional 4,533 shares in the last quarter. Citigroup Inc. lifted its position in shares of Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares in the last quarter. Walleye Capital LLC purchased a new position in shares of Root in the first quarter valued at about $43,000. CIBC Asset Management Inc purchased a new position in shares of Root in the first quarter valued at about $47,000. Finally, Legal & General Group Plc lifted its position in shares of Root by 161.6% in the second quarter. Legal & General Group Plc now owns 40,217 shares of the company’s stock valued at $48,000 after acquiring an additional 24,844 shares in the last quarter. Institutional investors own 59.82% of the company’s stock.

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.