Root (NASDAQ:ROOT) Reaches New 1-Year High - Here's Why

Root, Inc. (NASDAQ:ROOT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $142.72 and last traded at $138.53, with a volume of 207324 shares changing hands. The stock had previously closed at $135.17.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ROOT shares. Scotiabank reaffirmed a "sector perform" rating on shares of Root in a research report on Sunday. Wells Fargo & Company restated a "buy" rating on shares of Root in a report on Sunday. Citizens Jmp lowered shares of Root from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Finally, JMP Securities cut shares of Root from an "outperform" rating to a "market perform" rating in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $77.83.

Root Stock Performance

The company has a market cap of $1.94 billion, a PE ratio of -104.33 and a beta of 2.48. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm's 50-day simple moving average is $97.89 and its two-hundred day simple moving average is $73.19.

Root (NASDAQ:ROOT - Get Free Report) last issued 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 company 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 anticipate that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

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Institutional Trading of Root

Several large investors have recently made changes to their positions in ROOT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Root by 69.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,421 shares of the company's stock valued at $611,000 after purchasing an additional 3,459 shares during the period. State of Wyoming raised its stake in shares of Root by 21.6% during the 4th quarter. State of Wyoming now owns 4,162 shares of the company's stock valued at $302,000 after buying an additional 740 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Root by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company's stock valued at $357,000 after buying an additional 171 shares during the period. Janus Henderson Group PLC purchased a new stake in shares of Root in the fourth quarter worth about $248,000. Finally, Deutsche Bank AG grew its holdings in Root by 47.4% during the fourth quarter. Deutsche Bank AG now owns 7,818 shares of the company's stock worth $568,000 after acquiring an additional 2,513 shares during the period. 59.82% of the stock is 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.