Root (NASDAQ:ROOT) Shares Gap Down to $69.91

Shares of Root, Inc. (NASDAQ:ROOT) gapped down before the market opened on Thursday . The stock had previously closed at $69.91, but opened at $67.00. Root shares last traded at $58.07, with a volume of 411,458 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on ROOT. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $70.00 price target (up previously from $22.00) on shares of Root in a research note on Wednesday, April 24th. Citigroup upped their price target 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 initiated coverage on shares of Root in a research note on Wednesday, January 10th. They set a “market perform” rating for the company. Wells Fargo & Company boosted their price target on shares of Root from $64.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Cantor Fitzgerald upgraded shares of Root from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $39.50.

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 company has a market cap of $817.60 million, a PE ratio of -7.23 and a beta of 2.72. The business has a fifty day simple moving average of $53.65 and a two-hundred day simple moving average of $25.02.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Tuesday, April 30th. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.51) by $2.09. The firm 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 60.68% and a negative net margin of 17.61%. The firm’s quarterly revenue was up 263.6% on a year-over-year basis. During the same period in the prior year, the business posted ($2.88) EPS. Research analysts anticipate that Root, Inc. will post -7.87 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Citigroup Inc. grew its stake in shares of Root by 218,250.0% during the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares during the period. Sequoia Financial Advisors LLC purchased a new position in Root in the 1st quarter worth approximately $293,000. HST Ventures LLC grew its holdings in Root by 21.9% in the 4th quarter. HST Ventures LLC now owns 51,890 shares of the company’s stock valued at $544,000 after buying an additional 9,317 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Root by 37.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 34,382 shares of the company’s stock worth $360,000 after purchasing an additional 9,390 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Root by 229,380.0% during the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after buying an additional 11,469 shares during the period. 59.82% of the stock is currently owned by hedge funds and other 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.