Root (NASDAQ:ROOT) Shares Up 10.3% on Analyst Upgrade

Root, Inc. (NASDAQ:ROOT - Get Free Report) shares were up 10.3% on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $90.00 to $150.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Root traded as high as $126.73 and last traded at $130.59. Approximately 43,343 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 518,859 shares. The stock had previously closed at $118.39.

ROOT has been the subject of a number of other research reports. Scotiabank reiterated a "sector perform" rating on shares of Root in a research note on Sunday, March 2nd. Jefferies Financial Group raised their price objective on Root from $115.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Wells Fargo & Company lifted their price objective on shares of Root from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Thursday, April 10th. Finally, UBS Group raised their price target 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. Six analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $112.67.

Insider Activity at Root

In other Root news, CEO Alexander E. Timm sold 1,144 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $134.01, for a total transaction of $153,307.44. Following the completion of the transaction, the chief executive officer now owns 161,625 shares in the company, valued at $21,659,366.25. This trade represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total transaction 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. This trade represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,659 shares of company stock worth $1,191,469. 11.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On Root

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. KBC Group NV purchased a new position in shares of Root in the first quarter valued at $48,000. Russell Investments Group Ltd. boosted 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 purchasing an additional 365 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Root during the 4th quarter valued at about $94,000. Aquatic Capital Management LLC increased its position in shares of Root by 92.1% during the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company's stock valued at $112,000 after buying an additional 737 shares during the period. Finally, Kingswood Wealth Advisors LLC purchased a new stake in shares of Root in the first quarter worth about $220,000. Institutional investors own 59.82% of the company's stock.

Root Price Performance

The business's 50-day moving average price is $131.58 and its 200 day moving average price is $98.29. The company has a market capitalization of $2.27 billion, a P/E ratio of -121.20 and a beta of 2.41. 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 (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 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 during the quarter, compared to analyst estimates of $287.79 million. Analysts anticipate that Root, Inc. will post -0.08 EPS for the current fiscal year.

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.