Root’s (ROOT) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Root (NASDAQ:ROOT) in a research report report published on Monday, Benzinga reports. JMP Securities currently has a $15.00 price objective on the stock.

Several other research analysts have also weighed in on the company. Cantor Fitzgerald raised Root from a neutral rating to an overweight rating and lifted their price objective for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Keefe, Bruyette & Woods raised Root from a market perform rating to an outperform rating and lifted their price objective for the stock from $10.00 to $22.00 in a research report on Monday, February 26th. Citigroup lifted 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. Wells Fargo & Company lifted their price objective on Root from $11.00 to $12.00 and gave the stock an equal weight rating in a research report on Thursday, February 22nd. Finally, Jefferies Financial Group upgraded 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 note on Friday, March 1st. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Root presently has an average rating of Hold and an average target price of $15.88.

Root Stock Down 4.3 %

Shares of NASDAQ:ROOT opened at $51.43 on Monday. The firm has a market cap of $750.88 million, a P/E ratio of -5.03 and a beta of 2.86. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80. Root has a 12-month low of $3.63 and a 12-month high of $85.99. The business has a fifty day simple moving average of $44.03 and a 200 day simple moving average of $21.63.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $194.80 million during the quarter, compared to analyst estimates of $108.00 million. Analysts predict that Root will post -7.87 earnings per share for the current year.

Institutional Investors Weigh In On Root

Hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. increased its holdings in shares of Root by 218,250.0% during the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares in the last quarter. Trexquant Investment LP bought a new stake in Root during the third quarter worth $309,000. Raymond James & Associates bought a new stake in Root during the third quarter worth $1,315,000. Cannell Capital LLC bought a new stake in Root during the third quarter worth $2,795,000. Finally, Barclays PLC grew its holdings in 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 buying an additional 11,469 shares in the last quarter. 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.