Root (NASDAQ:ROOT) Reaches New 52-Week High - Here's What Happened

Shares of Root, Inc. (NASDAQ:ROOT - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $145.98 and last traded at $138.14, with a volume of 185232 shares trading hands. The stock had previously closed at $135.89.

Analyst Upgrades and Downgrades

ROOT has been the topic of several recent analyst reports. UBS Group increased their price target on Root from $67.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, March 7th. Wells Fargo & Company reaffirmed a "buy" rating on shares of Root in a research report on Sunday, March 2nd. JMP Securities cut Root from an "outperform" rating to a "market perform" rating in a research report on Friday, November 22nd. Scotiabank reissued a "sector perform" rating on shares of Root in a research report on Sunday, March 2nd. Finally, Citizens Jmp lowered Root from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Root presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.33.

Root Stock Performance

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $2.31 billion, a PE ratio of -123.36 and a beta of 2.48. The stock's fifty day simple moving average is $103.87 and its 200-day simple moving average is $76.21.

Remove Ads

Root (NASDAQ:ROOT - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.63) by $1.93. The firm had revenue of $326.70 million for the quarter, compared to analyst estimates of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. On average, research analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Root

Hedge funds and other institutional investors have recently modified their holdings of the stock. 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 valued at $357,000 after purchasing an additional 171 shares during the period. MetLife Investment Management LLC boosted its position in shares of Root by 5.0% in the 4th quarter. MetLife Investment Management LLC now owns 5,382 shares of the company's stock valued at $391,000 after purchasing an additional 255 shares during the period. Legal & General Group Plc boosted its position in shares of Root by 3.6% in the 4th quarter. Legal & General Group Plc now owns 7,955 shares of the company's stock valued at $577,000 after purchasing an additional 273 shares during the period. Russell Investments Group Ltd. lifted its stake in Root by 651.8% in the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock worth $31,000 after acquiring an additional 365 shares in the last quarter. Finally, State Street Corp lifted its stake in Root by 0.3% in the 3rd quarter. State Street Corp now owns 176,891 shares of the company's stock worth $6,683,000 after acquiring an additional 444 shares in the last quarter. Institutional investors own 59.82% of the company's stock.

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.