Root, Inc. (NASDAQ:ROOT) Given Consensus Recommendation of “Hold” by Brokerages

Root, Inc. (NASDAQ:ROOT) has been given an average rating of “Hold” by the eight research firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $121.60.

ROOT has been the subject of several recent research reports. Zacks Research raised Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Wells Fargo & Company set a $75.00 target price on Root and gave the company an “equal weight” rating in a research note on Tuesday, January 13th. Wall Street Zen downgraded Root from a “hold” rating to a “sell” rating in a research report on Sunday, January 18th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Root in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Root in a research report on Friday, November 7th.

Root Stock Down 1.4%

Shares of ROOT stock opened at $58.68 on Friday. Root has a 12-month low of $55.57 and a 12-month high of $181.14. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.76. The firm has a fifty day moving average of $70.96 and a 200-day moving average of $82.22. The company has a market capitalization of $910.13 million, a price-to-earnings ratio of 17.73 and a beta of 2.76.

Hedge Funds Weigh In On Root

Several hedge funds have recently modified their holdings of the stock. Maverick Capital Ltd. acquired a new stake in shares of Root in the fourth quarter valued at about $4,567,000. Marshall Wace LLP increased its position in shares of Root by 116.3% during the 4th quarter. Marshall Wace LLP now owns 107,612 shares of the company’s stock worth $7,773,000 after purchasing an additional 57,870 shares during the last quarter. Quinn Opportunity Partners LLC increased its position in shares of Root by 44.9% during the 4th quarter. Quinn Opportunity Partners LLC now owns 57,945 shares of the company’s stock worth $4,185,000 after purchasing an additional 17,945 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Root by 78.4% during the 4th quarter. First Trust Advisors LP now owns 45,628 shares of the company’s stock worth $3,296,000 after purchasing an additional 20,049 shares in the last quarter. Finally, FirstWave Capital Management LLC acquired a new stake in shares of Root in the 4th quarter valued at approximately $1,641,000. Institutional investors own 59.82% of the company’s stock.

Root Company Profile

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.