Root (NASDAQ:ROOT) Price Target Raised to $78.00

Root (NASDAQ:ROOT) had its price target raised by Wells Fargo & Company from $64.00 to $78.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 12.15% from the stock’s current price.

A number of other equities research analysts have also weighed in on ROOT. Cantor Fitzgerald upgraded shares of Root from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $9.00 to $13.00 in a report on Thursday, February 22nd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $70.00 price target (up from $22.00) on shares of Root in a research note on Wednesday, April 24th. Citigroup upped their price objective on Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. TD Cowen initiated coverage on Root in a research report on Wednesday, January 10th. They set a “market perform” rating on the stock. Finally, JMP Securities boosted their price target on shares of Root from $15.00 to $90.00 and gave the company a “market outperform” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $39.50.

Root Stock Down 0.1 %

ROOT traded down $0.10 on Wednesday, hitting $69.55. 1,953,332 shares of the company were exchanged, compared to its average volume of 653,915. The firm has a 50-day moving average price of $51.22 and a two-hundred day moving average price of $24.28. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. Root has a twelve month low of $3.90 and a twelve month high of $86.57. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -7.04 and a beta of 2.86.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($2.51) by $2.09. The business had revenue of $254.90 million during the quarter, compared to the consensus estimate of $203.99 million. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The business’s revenue for the quarter was up 263.6% on a year-over-year basis. During the same period in the previous year, the company posted ($2.88) earnings per share. On average, equities analysts predict that Root will post -7.87 earnings per share for the current year.

Institutional Investors Weigh In On Root

Hedge funds have recently made changes to their positions in the business. Citigroup Inc. increased its position in Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Root in the first quarter valued at approximately $293,000. Barclays PLC raised its stake in shares of Root by 229,380.0% during the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after purchasing an additional 11,469 shares during the last quarter. Corton Capital Inc. purchased a new stake in shares of Root during the third quarter worth approximately $120,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Root during the third quarter worth $158,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

Root Company Profile

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. It operates a direct-to-consumer model; and serves customers primarily through mobile applications, as well as through its website. The company's direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.