Root (NASDAQ:ROOT) Shares Up 3.9% - Should You Buy?

Root, Inc. (NASDAQ:ROOT - Get Free Report)'s share price rose 3.9% during trading on Friday . The company traded as high as $158.00 and last traded at $158.63. Approximately 251,271 shares traded hands during trading, a decline of 50% from the average daily volume of 502,328 shares. The stock had previously closed at $152.64.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Scotiabank reaffirmed a "sector perform" rating on shares of Root in a 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 target price on Root from $67.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, March 7th. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $88.33.

Root Stock Performance

The firm has a fifty day simple moving average of $116.19 and a 200-day simple moving average of $82.74. 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 cap of $2.56 billion, a PE ratio of -138.12 and a beta of 2.48.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly 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. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The firm had revenue of $326.70 million for the quarter, compared to the consensus estimate of $287.79 million. On average, research analysts forecast that Root, Inc. will post -0.08 EPS for the current fiscal year.

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Hedge Funds Weigh In On Root

A number of institutional investors have recently modified their holdings of ROOT. Russell Investments Group Ltd. increased its stake in Root by 651.8% in the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock valued at $31,000 after purchasing an additional 365 shares during the period. Point72 DIFC Ltd purchased a new stake in Root during the 3rd quarter valued at approximately $33,000. KLP Kapitalforvaltning AS acquired a new stake in Root during the 4th quarter worth approximately $94,000. Aquatic Capital Management LLC lifted its position in Root by 92.1% during the 4th quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company's stock worth $112,000 after acquiring an additional 737 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Root in the 4th quarter valued at approximately $154,000. 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.