Root (NASDAQ:ROOT) Shares Gap Up – What’s Next?

Root, Inc. (NASDAQ:ROOT)’s share price gapped up prior to trading on Monday . The stock had previously closed at $160.26, but opened at $168.42. Root shares last traded at $174.77, with a volume of 202,548 shares changing hands.

Wall Street Analyst Weigh In

ROOT has been the subject of several research analyst reports. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Finally, UBS Group increased their price objective on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.33.

Root Stock Up 11.3 %

The business’s 50 day moving average price is $114.28 and its 200 day moving average price is $81.77. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -145.01 and a beta of 2.48. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $1.93. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. On average, equities analysts forecast that Root, Inc. will post -0.08 EPS for the current year.

Institutional Investors Weigh In On Root

A number of institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its stake in Root by 12.0% during the 4th quarter. California State Teachers Retirement System now owns 7,477 shares of the company’s stock worth $543,000 after purchasing an additional 801 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Root by 69.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,421 shares of the company’s stock worth $611,000 after purchasing an additional 3,459 shares during the last quarter. State of Wyoming boosted its stake in Root by 21.6% during the 4th quarter. State of Wyoming now owns 4,162 shares of the company’s stock worth $302,000 after purchasing an additional 740 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Root by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock worth $357,000 after purchasing an additional 171 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in Root during the 4th quarter worth $248,000. 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. 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.