Root (NASDAQ:ROOT) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Root (NASDAQ:ROOT - Get Free Report) had its target price boosted by equities researchers at Keefe, Bruyette & Woods from $90.00 to $150.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price points to a potential downside of 0.62% from the stock's previous close.

A number of other brokerages also recently issued reports on ROOT. Scotiabank reiterated a "sector perform" rating on shares of Root in a research report on Sunday, March 2nd. UBS Group increased their target price on Root from $67.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, March 7th. Wells Fargo & Company boosted their price target on Root from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Thursday, April 10th. Finally, Jefferies Financial Group increased their price objective on shares of Root from $115.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $112.67.

Root Stock Performance

NASDAQ:ROOT traded up $0.79 on Tuesday, hitting $150.94. The stock had a trading volume of 20,916 shares, compared to its average volume of 520,259. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. Root has a 52-week low of $34.04 and a 52-week high of $181.14. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -121.55 and a beta of 2.41. The business's 50-day simple moving average is $131.17 and its two-hundred day simple moving average is $97.52.

Root (NASDAQ:ROOT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $1.93. The business had revenue of $326.70 million during the quarter, compared to analyst estimates of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. As a group, research analysts predict that Root will post -0.08 earnings per share for the current year.

Insider Activity

In related news, insider Mahtiyar Bonakdarpour sold 5,515 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $124.78, for a total value of $688,161.70. Following the completion of the sale, the insider now directly owns 286,901 shares in the company, valued at approximately $35,799,506.78. The trade was a 1.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Doug Ulman sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now owns 6,201 shares in the company, valued at approximately $1,085,175. The trade was a 24.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,659 shares of company stock worth $1,191,469. 11.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Root

Several institutional investors have recently added to or reduced their stakes in the business. KBC Group NV purchased a new position in shares of Root in the 1st quarter worth approximately $48,000. Valmark Advisers Inc. bought a new stake in shares of Root in the 1st quarter worth approximately $918,000. Kingswood Wealth Advisors LLC purchased a new position in Root in the 1st quarter worth approximately $220,000. GAMMA Investing LLC raised its position in Root by 20,561.3% during the 1st quarter. GAMMA Investing LLC now owns 12,810 shares of the company's stock valued at $1,709,000 after purchasing an additional 12,748 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in Root by 12.0% during the 4th quarter. California State Teachers Retirement System now owns 7,477 shares of the company's stock valued at $543,000 after acquiring an additional 801 shares in the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

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.