Brokerages Set Root, Inc. (NASDAQ:ROOT) Price Target at $62.25

Root, Inc. (NASDAQ:ROOT – Get Free Report) has earned an average rating of “Hold” from the seven brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $62.25.

Several analysts have commented on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Root from $95.00 to $80.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Jefferies Financial Group lowered Root from a “buy” rating to a “hold” rating and reduced their price target for the stock from $78.00 to $58.00 in a research note on Tuesday, August 11th. Zacks Research upgraded Root from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. UBS Group set a $50.00 price objective on Root and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, Weiss Ratings upgraded Root from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 28th.

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Institutional Trading of Root

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ROOT. Gilder Gagnon Howe & Co. LLC lifted its position in Root by 3.0% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 6,225 shares of the company’s stock valued at $797,000 after buying an additional 181 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Root by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock valued at $686,000 after acquiring an additional 229 shares in the last quarter. Gabelli Funds LLC boosted its position in Root by 10.9% during the 3rd quarter. Gabelli Funds LLC now owns 5,100 shares of the company’s stock worth $457,000 after purchasing an additional 500 shares during the period. Swiss National Bank increased its holdings in Root by 2.4% in the 4th quarter. Swiss National Bank now owns 21,500 shares of the company’s stock valued at $1,553,000 after purchasing an additional 500 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Root by 511.7% in the second quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after purchasing an additional 614 shares during the period. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Stock Performance

Shares of NASDAQ ROOT opened at $56.43 on Thursday. The company has a market cap of $874.10 million, a PE ratio of 15.94 and a beta of 2.89. Root has a 12 month low of $40.91 and a 12 month high of $104.47. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.02 and a quick ratio of 1.02. The company has a 50-day simple moving average of $57.09 and a 200-day simple moving average of $54.01.

Root (NASDAQ:ROOT – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.66. The business had revenue of $389.20 million during the quarter, compared to analyst estimates of $395.14 million. Root had a net margin of 3.78% and a return on equity of 19.72%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.29 earnings per share. On average, equities analysts anticipate that Root will post 3.28 earnings per share for the current year.

About Root

(Get Free Report)

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.

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