Root (NASDAQ:ROOT) Shares Up 6.6%

Root, Inc. (NASDAQ:ROOT)’s share price shot up 6.6% during trading on Thursday . The company traded as high as $60.38 and last traded at $59.76. 294,729 shares changed hands during trading, a decline of 56% from the average session volume of 673,110 shares. The stock had previously closed at $56.04.

Analysts Set New Price Targets

Several research firms recently weighed in on ROOT. Keefe, Bruyette & Woods upgraded Root from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $10.00 to $22.00 in a research note on Monday, February 26th. Jefferies Financial Group upgraded Root from a “hold” rating to a “buy” rating and boosted their target price for the stock from $10.00 to $40.00 in a research note on Friday, March 1st. Citigroup boosted their target price on Root from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. TD Cowen began coverage on Root in a research note on Wednesday, January 10th. They set a “market perform” rating for the company. Finally, Cantor Fitzgerald upgraded Root from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $9.00 to $13.00 in a research note on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Root currently has an average rating of “Hold” and an average price target of $16.00.

Root Price 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 company has a 50 day moving average price of $25.41 and a 200 day moving average price of $15.42. The firm has a market cap of $891.77 million, a PE ratio of -5.89 and a beta of 2.71.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 21st. The company reported ($1.64) EPS 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 business had revenue of $194.80 million during the quarter, compared to analysts’ expectations of $108.00 million. Sell-side analysts expect that Root, Inc. will post -7.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ROOT. UBS Group AG lifted its position in shares of Root by 134.8% in the fourth quarter. UBS Group AG now owns 7,897 shares of the company’s stock valued at $35,000 after acquiring an additional 4,533 shares in the last quarter. Citigroup Inc. lifted its position in shares of Root by 218,250.0% in 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. Walleye Capital LLC purchased a new stake in shares of Root in the first quarter valued at $43,000. CIBC Asset Management Inc purchased a new stake in shares of Root in the first quarter valued at $47,000. Finally, Legal & General Group Plc lifted its position in shares of Root by 161.6% in the second quarter. Legal & General Group Plc now owns 40,217 shares of the company’s stock valued at $48,000 after acquiring an additional 24,844 shares in the last quarter. Institutional investors and hedge funds own 59.82% of the company’s stock.

About Root

Root, Inc provides insurance products and services in the United States. The company offers automobile, 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 and agencies.