Root (NASDAQ:ROOT) Earns “Outperform” Rating from Keefe, Bruyette & Woods

Root (NASDAQ:ROOT)‘s stock had its “outperform” rating reiterated by equities researchers at Keefe, Bruyette & Woods in a research note issued on Tuesday, Benzinga reports. They currently have a $90.00 target price on the stock, up from their previous target price of $82.00. Keefe, Bruyette & Woods’ price target points to a potential upside of 23.68% from the stock’s previous close.

ROOT has been the subject of a number of other reports. Jefferies Financial Group cut their price target on Root from $84.00 to $72.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Cantor Fitzgerald raised Root to a “strong-buy” rating in a report on Thursday, October 3rd. JMP Securities reissued a “market outperform” rating and set a $90.00 price objective on shares of Root in a report on Tuesday, October 15th. UBS Group increased their price objective on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday. Finally, Wells Fargo & Company increased their price objective on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.13.

Root Stock Up 2.6 %

Root stock traded up $1.81 during mid-day trading on Tuesday, hitting $72.77. The company’s stock had a trading volume of 296,042 shares, compared to its average volume of 536,408. The firm’s 50 day moving average is $41.20 and its 200 day moving average is $51.24. The company has a market cap of $1.09 billion, a PE ratio of -59.16 and a beta of 2.34. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. Root has a 52-week low of $7.22 and a 52-week high of $118.15.

Root (NASDAQ:ROOT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company had revenue of $305.70 million during the quarter, compared to the consensus estimate of $272.77 million. During the same period last year, the business earned ($3.16) EPS. The business’s quarterly revenue was up 165.1% on a year-over-year basis. On average, analysts anticipate that Root will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Root

In other news, major shareholder Meyer Malka sold 50,959 shares of Root stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $84.78, for a total transaction of $4,320,304.02. Following the sale, the insider now owns 102 shares of the company’s stock, valued at approximately $8,647.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On Root

Several hedge funds and other institutional investors have recently modified their holdings of ROOT. Versor Investments LP bought a new position in Root in the 3rd quarter valued at $216,000. Algert Global LLC bought a new stake in shares of Root during the second quarter worth $288,000. Sequoia Financial Advisors LLC bought a new stake in shares of Root during the first quarter worth $293,000. Vanguard Personalized Indexing Management LLC raised its position in shares of Root by 76.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after acquiring an additional 2,576 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Root during the third quarter worth $412,000. Institutional investors 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. 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.