Root (NASDAQ:ROOT) Earns Outperform Rating from Keefe, Bruyette & Woods

Root (NASDAQ:ROOT)‘s stock had its “outperform” rating reissued by stock analysts at Keefe, Bruyette & Woods in a research report issued on Wednesday, Benzinga reports. They currently have a $70.00 target price on the stock, up from their previous target price of $22.00. Keefe, Bruyette & Woods’ price target indicates a potential upside of 17.15% from the company’s previous close.

A number of other analysts have also commented on ROOT. Wells Fargo & Company lifted their price target on shares of Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Cantor Fitzgerald upgraded shares of Root from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $9.00 to $13.00 in a research report on Thursday, February 22nd. TD Cowen initiated coverage on shares of Root in a research report on Wednesday, January 10th. They set a “market perform” rating for the company. Citigroup boosted their target price on shares of Root from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Finally, Jefferies Financial Group upgraded shares of Root from a “hold” rating to a “buy” rating and boosted their target price for the company from $10.00 to $40.00 in a research report on Friday, March 1st. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $21.88.

Root Stock Performance

Shares of ROOT stock traded up $0.58 during trading hours on Wednesday, reaching $59.75. The company had a trading volume of 277,156 shares, compared to its average volume of 649,266. The business has a fifty day moving average price of $46.85 and a 200-day moving average price of $22.78. Root has a one year low of $3.63 and a one year high of $85.99. The firm has a market cap of $872.35 million, a PE ratio of -5.83 and a beta of 2.86. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.60.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($1.64) EPS for the quarter, topping analysts’ consensus estimates of ($2.49) by $0.85. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. The firm had revenue of $194.80 million during the quarter, compared to analyst estimates of $108.00 million. Sell-side analysts predict that Root will post -7.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Root

Several hedge funds have recently modified their holdings of ROOT. Raymond James & Associates purchased a new position in shares of Root in the third quarter worth $1,315,000. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Root by 148.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 24,992 shares of the company’s stock worth $238,000 after buying an additional 14,913 shares in the last quarter. Barclays PLC raised its stake in Root by 229,380.0% during the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after purchasing an additional 11,469 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Root during the third quarter valued at $158,000. Finally, Trexquant Investment LP purchased a new stake in Root during the third quarter valued at $309,000. Hedge funds and other institutional investors 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.