Root (NASDAQ:ROOT) Shares Down 6%

Root, Inc. (NASDAQ:ROOT)’s share price dropped 6% during trading on Wednesday . The company traded as low as $58.09 and last traded at $58.13. Approximately 143,988 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 657,935 shares. The stock had previously closed at $61.84.

Analyst Ratings Changes

ROOT has been the topic of several research reports. Keefe, Bruyette & Woods upgraded shares of Root from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $10.00 to $22.00 in a report on Monday, February 26th. Jefferies Financial Group raised Root from a “hold” rating to a “buy” rating and raised their target price for the company from $10.00 to $40.00 in a research report on Friday, March 1st. Citigroup boosted their price target on shares of Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. 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. Finally, Cantor Fitzgerald raised Root from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $9.00 to $13.00 in a report on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.88.

Root Stock Performance

The company has a debt-to-equity ratio of 1.80, a current ratio of 1.60 and a quick ratio of 1.60. The business’s 50-day moving average is $44.03 and its 200 day moving average is $21.63.

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 return on equity of 73.62% and a negative net margin of 32.40%. The business had revenue of $194.80 million for the quarter, compared to analysts’ expectations of $108.00 million. As a group, equities analysts forecast that Root, Inc. will post -7.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Root

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its holdings in Root by 661.9% during the 2nd quarter. State Street Corp now owns 2,525,371 shares of the company’s stock valued at $3,005,000 after purchasing an additional 2,193,896 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Root in the 2nd quarter worth approximately $1,991,000. BlackRock Inc. increased its stake in shares of Root by 15.3% during the first quarter. BlackRock Inc. now owns 1,640,566 shares of the company’s stock valued at $3,231,000 after buying an additional 217,175 shares during the period. Twenty Acre Capital LP bought a new position in shares of Root during the first quarter valued at approximately $2,358,000. Finally, Northern Trust Corp lifted its stake in Root by 448.8% in the second quarter. Northern Trust Corp now owns 1,174,607 shares of the company’s stock worth $1,398,000 after acquiring an additional 960,580 shares during the period. 59.82% of the stock is owned by institutional investors.

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.