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

Shares of Root, Inc. (NASDAQ:ROOT) have been given a consensus rating of “Hold” by the ten ratings firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $118.6667.

Several analysts have recently commented on the company. Zacks Research cut Root from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 7th. Jefferies Financial Group reduced their price target on Root from $172.00 to $138.00 and set a “buy” rating for the company in a report on Monday, August 11th. Wall Street Zen cut Root from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. UBS Group reissued a “neutral” rating and issued a $105.00 price target (down from $140.00) on shares of Root in a report on Monday, August 18th. Finally, Wells Fargo & Company reduced their price target on Root from $120.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th.

Root Trading Down 1.9%

NASDAQ:ROOT opened at $81.39 on Monday. The stock’s 50 day moving average price is $93.38 and its 200 day moving average price is $118.18. The company has a market capitalization of $1.26 billion, a PE ratio of 16.25 and a beta of 2.22. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.82. Root has a 52-week low of $36.87 and a 52-week high of $181.14.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.23. Root had a return on equity of 38.24% and a net margin of 6.02%.The company had revenue of $382.90 million during the quarter, compared to analysts’ expectations of $348.36 million. During the same period last year, the firm earned ($0.52) EPS. The firm’s revenue for the quarter was up 32.4% on a year-over-year basis. On average, research analysts anticipate that Root will post -0.08 EPS for the current year.

Insider Buying and Selling at Root

In related news, CEO Alexander E. Timm sold 10,861 shares of Root stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $88.88, for a total transaction of $965,325.68. Following the completion of the transaction, the chief executive officer directly owned 157,748 shares of the company’s stock, valued at approximately $14,020,642.24. The trade was a 6.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mahtiyar Bonakdarpour sold 5,750 shares of Root stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $89.74, for a total value of $516,005.00. Following the transaction, the insider directly owned 274,226 shares of the company’s stock, valued at approximately $24,609,041.24. This represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On Root

Hedge funds and other institutional investors have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. increased its position in Root by 66.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 679,696 shares of the company’s stock worth $90,699,000 after buying an additional 271,097 shares in the last quarter. Ensign Peak Advisors Inc purchased a new position in Root during the second quarter worth $33,829,000. Invesco Ltd. increased its position in Root by 5,575.0% during the first quarter. Invesco Ltd. now owns 256,792 shares of the company’s stock worth $34,266,000 after buying an additional 252,267 shares in the last quarter. American Century Companies Inc. purchased a new position in Root during the first quarter worth $30,786,000. Finally, Driehaus Capital Management LLC purchased a new position in Root during the first quarter worth $20,423,000. 59.82% of the stock is owned by institutional investors and hedge funds.

About Root

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.