Brokerages Set Root, Inc. (NASDAQ:ROOT) Price Target at $93.20

Shares of Root, Inc. (NASDAQ:ROOT) have been assigned a consensus recommendation of “Hold” from the seven research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $93.20.

A number of analysts have recently commented on ROOT shares. Weiss Ratings raised Root from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday, February 26th. Zacks Research lowered Root from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Wells Fargo & Company lifted their price target on Root from $52.00 to $58.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Keefe, Bruyette & Woods cut their price target on Root from $104.00 to $95.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 7th. Finally, Wall Street Zen raised Root from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th.

Institutional Trading of Root

Hedge funds have recently made changes to their positions in the company. Gilder Gagnon Howe & Co. LLC raised its position in shares of Root by 3.0% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 6,225 shares of the company’s stock worth $797,000 after acquiring an additional 181 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Root by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock worth $686,000 after acquiring an additional 229 shares during the last quarter. Rhumbline Advisers raised its position in shares of Root by 2.9% during the third quarter. Rhumbline Advisers now owns 15,811 shares of the company’s stock worth $1,415,000 after acquiring an additional 443 shares during the last quarter. Gabelli Funds LLC raised its position in shares of Root by 10.9% during the third quarter. Gabelli Funds LLC now owns 5,100 shares of the company’s stock worth $457,000 after acquiring an additional 500 shares during the last quarter. Finally, Swiss National Bank raised its position in shares of Root by 2.4% during the fourth quarter. Swiss National Bank now owns 21,500 shares of the company’s stock worth $1,553,000 after acquiring an additional 500 shares during the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

Root Stock Performance

Shares of ROOT stock opened at $57.38 on Tuesday. The business’s 50-day moving average price is $50.52 and its 200-day moving average price is $63.24. Root has a 12 month low of $40.91 and a 12 month high of $162.99. The firm has a market capitalization of $908.10 million, a price-to-earnings ratio of 17.18 and a beta of 2.95. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.61.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $1.25. Root had a return on equity of 19.97% and a net margin of 3.58%.The firm had revenue of $393.50 million for the quarter, compared to analyst estimates of $398.16 million. During the same period last year, the firm posted $1.07 earnings per share. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. Equities research analysts forecast that Root will post 2.15 EPS for the current year.

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.