Brokerages Set Root, Inc. (NASDAQ:ROOT) PT at $62.25

Root, Inc. (NASDAQ:ROOT) has earned an average rating of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $62.25.

A number of equities analysts have weighed in on the company. Wells Fargo & Company boosted their target price on Root from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Weiss Ratings raised shares of Root from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, July 28th. Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. TD Cowen cut shares of Root from a “hold” rating to a “strong sell” rating in a report on Thursday, August 20th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Root from $95.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th.

Hedge Funds Weigh In On Root

Several hedge funds and other institutional investors have recently modified their holdings of the company. CoreCap Advisors LLC bought a new position in Root in the second quarter valued at about $42,000. Russell Investments Group Ltd. increased its position in shares of Root by 511.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after purchasing an additional 614 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Root in the 3rd quarter worth approximately $144,000. Tower Research Capital LLC TRC lifted its stake in shares of Root by 237.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock worth $164,000 after purchasing an additional 899 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Root in the third quarter worth approximately $194,000. 59.82% of the stock is owned by institutional investors.

Root Stock Performance

ROOT stock opened at $55.49 on Thursday. The stock’s 50 day simple moving average is $57.18 and its 200 day simple moving average is $53.94. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. Root has a 12-month low of $40.91 and a 12-month high of $104.47. The stock has a market capitalization of $859.54 million, a PE ratio of 15.68 and a beta of 2.89.

Root (NASDAQ:ROOT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.66. The firm had revenue of $389.20 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned $1.29 earnings per share. As a group, research analysts forecast that Root will post 3.28 earnings per share for the current fiscal year.

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.