Root (NASDAQ:ROOT) Sets New 52-Week Low – Time to Sell?

Shares of Root, Inc. (NASDAQ:ROOT) hit a new 52-week low on Monday . The stock traded as low as $55.33 and last traded at $55.0710, with a volume of 117844 shares. The stock had previously closed at $60.52.

Wall Street Analysts Forecast Growth

ROOT has been the topic of several research reports. Zacks Research raised shares of Root from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reissued a “sell (d+)” rating on shares of Root in a research report on Monday, December 29th. Wells Fargo & Company set a $75.00 price objective on shares of Root and gave the company an “equal weight” rating in a research note on Tuesday, January 13th. Wall Street Zen downgraded shares of Root from a “hold” rating to a “sell” rating in a research note on Sunday, January 18th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Root in a research report on Friday, November 7th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $121.60.

Root Stock Performance

The firm has a market cap of $842.35 million, a P/E ratio of 16.41 and a beta of 2.76. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.23 and a current ratio of 1.23. The business’s 50-day simple moving average is $68.87 and its 200 day simple moving average is $79.89.

Institutional Investors Weigh In On Root

Several hedge funds and other institutional investors have recently made changes to their positions in ROOT. T. Rowe Price Investment Management Inc. lifted its stake in shares of Root by 8.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 946,632 shares of the company’s stock worth $68,376,000 after purchasing an additional 74,427 shares during the period. XTX Topco Ltd raised its position in Root by 33.3% in the fourth quarter. XTX Topco Ltd now owns 7,002 shares of the company’s stock worth $506,000 after acquiring an additional 1,750 shares during the period. Twinbeech Capital LP purchased a new position in shares of Root during the 4th quarter worth $1,018,000. Millennium Management LLC boosted its stake 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 acquiring an additional 195,725 shares during the last quarter. Finally, Findell Capital Management LLC grew its position in shares of Root by 291.7% during the 4th quarter. Findell Capital Management LLC now owns 235,000 shares of the company’s stock valued at $16,974,000 after acquiring an additional 175,000 shares during the period. Hedge funds and other institutional investors own 59.82% of the company’s stock.

About Root

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.