Root, Inc. (NASDAQ:ROOT) Stock Rated “Hold” by Wall Street Brokerages

Shares of Root, Inc. (NASDAQ:ROOT) have received an average rating of “Hold” from the seven brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $58.75.

Several research analysts have recently issued reports on the stock. TD Cowen downgraded shares of Root from a “hold” rating to a “strong sell” rating in a report on Thursday, August 20th. Jefferies Financial Group downgraded shares of Root from a “buy” rating to a “hold” rating and reduced their price target for the company from $78.00 to $58.00 in a research report on Tuesday, August 11th. Wells Fargo & Company reissued a “cautious” rating on shares of Root in a research report on Monday, October 12th. Weiss Ratings upgraded shares of Root from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods lowered their price target 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.

Root Stock Performance

Shares of ROOT opened at $53.87 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. The firm has a fifty day simple moving average of $51.69 and a 200 day simple moving average of $54.06. The stock has a market capitalization of $834.45 million, a price-to-earnings ratio of 15.22 and a beta of 2.91. Root has a 12 month low of $40.91 and a 12 month high of $91.00.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, August 5th. The company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.66. The company had revenue of $389.20 million for the quarter, compared to analysts’ expectations of $395.14 million. Root had a net margin of 3.78% and a return on equity of 19.72%. Root’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 EPS. Research analysts forecast that Root will post 4.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Root

A number of institutional investors and hedge funds have recently made changes to their positions in ROOT. CoreCap Advisors LLC bought a new stake in Root during the second quarter worth about $42,000. Sequoia Financial Advisors LLC purchased a new position in shares of Root in the 2nd quarter valued at approximately $219,000. Leonteq Securities AG bought a new stake in Root during the first quarter worth about $332,000. Quantinno Capital Management LP purchased a new stake in shares of Root in the 1st quarter worth approximately $920,000. Finally, Zweig DiMenna Associates LLC bought a new position in shares of Root during the first quarter valued at $1,193,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Company Profile

Root, Inc (NASDAQ:ROOT) is an insurance technology company that uses mobile technology and data-driven underwriting to provide personal insurance products. The company is best known for its automobile insurance, which is offered through a digital platform designed to allow customers to obtain quotes, purchase coverage and manage policies through a smartphone.

Root’s auto insurance model uses information collected through its mobile application, including driving-related data, to evaluate individual driving behavior and help determine eligibility and pricing.