JMP Securities Increases Root (NASDAQ:ROOT) Price Target to $90.00

Root (NASDAQ:ROOT) had its target price upped by JMP Securities from $15.00 to $90.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ target price would suggest a potential upside of 59.89% from the company’s current price.

Several other research analysts have also commented on ROOT. Wells Fargo & Company raised their price target on Root from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Citigroup raised their price target on Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Cantor Fitzgerald upgraded Root from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. TD Cowen assumed coverage on Root in a research report on Wednesday, January 10th. They set a “market perform” rating for the company. Finally, Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and raised their price target for the stock 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 given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $39.50.

Root Trading Down 1.0 %

ROOT stock traded down $0.56 during midday trading on Wednesday, hitting $56.29. 786,624 shares of the company’s stock were exchanged, compared to its average volume of 671,350. The business has a 50-day simple moving average of $54.52 and a two-hundred day simple moving average of $25.24. The company has a current ratio of 1.51, a quick ratio of 1.60 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $821.83 million, a PE ratio of -7.24 and a beta of 2.72. Root has a 1-year low of $4.11 and a 1-year high of $86.57.

Root (NASDAQ:ROOT) last posted its earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.51) by $2.09. The company had revenue of $254.90 million during the quarter, compared to analysts’ expectations of $203.99 million. Root had a negative return on equity of 62.36% and a negative net margin of 17.61%. The firm’s quarterly revenue was up 263.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($2.88) earnings per share. On average, sell-side analysts predict that Root will post -7.87 EPS for the current fiscal year.

Institutional Trading of Root

A number of institutional investors have recently bought and sold shares of the business. Cannell Capital LLC lifted its holdings in Root by 144.0% during the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after buying an additional 423,120 shares during the last quarter. Raymond James & Associates purchased a new stake in Root during the 3rd quarter worth about $1,315,000. HST Ventures LLC lifted its holdings in Root by 21.9% during the 4th quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock worth $544,000 after buying an additional 9,317 shares during the last quarter. Trexquant Investment LP lifted its holdings in Root by 43.4% during the 4th quarter. Trexquant Investment LP now owns 46,570 shares of the company’s stock worth $488,000 after buying an additional 14,096 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in Root by 37.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after buying an additional 9,390 shares during the last quarter. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.