Root, Inc. (NASDAQ:ROOT) Receives Average Recommendation of “Hold” from Brokerages

Root, Inc. (NASDAQ:ROOT) has been given an average recommendation of “Hold” by the nineteen analysts that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $10.79.

ROOT has been the topic of a number of analyst reports. Morgan Stanley decreased their price objective on Root from $14.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 19th. Truist Securities lowered Root from a “buy” rating to a “hold” rating and decreased their price objective for the company from $18.00 to $6.00 in a research note on Friday, August 13th. Wells Fargo & Company lowered Root from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $16.00 to $7.00 in a research note on Friday, August 13th. Wolfe Research initiated coverage on Root in a research note on Monday, August 16th. They set a “peer perform” rating and a $5.00 price objective on the stock. Finally, Zacks Investment Research lowered Root from a “hold” rating to a “sell” rating in a research note on Tuesday, August 17th.

Shares of NASDAQ ROOT opened at $5.08 on Thursday. Root has a one year low of $4.65 and a one year high of $29.48. The business’s fifty day moving average price is $5.87 and its 200-day moving average price is $8.56. The stock has a market capitalization of $1.28 billion and a PE ratio of -1.26.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, August 11th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.22). The firm had revenue of $89.80 million during the quarter, compared to analysts’ expectations of $73.60 million. As a group, research analysts forecast that Root will post -2.29 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in ROOT. Vanguard Group Inc. increased its position in shares of Root by 160.5% during the 2nd quarter. Vanguard Group Inc. now owns 5,680,141 shares of the company’s stock valued at $61,460,000 after purchasing an additional 3,499,493 shares during the last quarter. Ensign Peak Advisors Inc purchased a new stake in Root during the 2nd quarter valued at about $29,587,000. Credit Suisse AG purchased a new stake in Root during the 1st quarter valued at about $33,534,000. Atom Investors LP purchased a new stake in Root during the 1st quarter valued at about $11,278,000. Finally, GAM Holding AG boosted its holdings in Root by 139.5% during the 2nd quarter. GAM Holding AG now owns 1,295,613 shares of the company’s stock valued at $14,019,000 after acquiring an additional 754,650 shares during the period. Hedge funds and other institutional investors own 24.23% of the company’s stock.

Root Company Profile

Root, Inc provides insurance products and services in the United States. The company offers auto, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners.

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Analyst Recommendations for Root (NASDAQ:ROOT)

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