Root (NASDAQ:ROOT) Shares Up 5.9% Following Analyst Upgrade

Root, Inc. (NASDAQ:ROOT - Get Free Report)'s share price traded up 5.9% during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $80.00 to $97.00. Wells Fargo & Company currently has an equal weight rating on the stock. Root traded as high as $129.76 and last traded at $131.28. 83,430 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 460,568 shares. The stock had previously closed at $123.95.

Other research analysts also recently issued research reports about the company. Citizens Jmp downgraded Root from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. UBS Group raised their price target on Root from $61.00 to $67.00 and gave the stock a "neutral" rating in a research report on Monday, November 4th. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $90.00 price objective (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. Finally, JMP Securities cut shares of Root from an "outperform" rating to a "market perform" rating in a report on Friday, November 22nd. Five research 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 company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $77.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ROOT. Vanguard Group Inc. increased its stake in shares of Root by 16.2% during the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company's stock valued at $38,250,000 after buying an additional 73,413 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in Root in the fourth quarter valued at $29,661,000. Renaissance Technologies LLC increased its position in Root by 41.8% during the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company's stock valued at $19,129,000 after purchasing an additional 77,699 shares during the period. State Street Corp increased its position in Root by 0.3% during the 3rd quarter. State Street Corp now owns 176,891 shares of the company's stock valued at $6,683,000 after purchasing an additional 444 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Root by 163.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company's stock worth $9,286,000 after purchasing an additional 79,317 shares in the last quarter. Institutional investors own 59.82% of the company's stock.

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Root Stock Performance

The company's 50-day moving average price is $95.30 and its 200 day moving average price is $72.11. The stock has a market capitalization of $2.00 billion, a PE ratio of -107.60 and a beta of 2.58. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39.

Root (NASDAQ:ROOT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping the consensus estimate 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 business had revenue of $326.70 million during the quarter, compared to analyst estimates of $287.79 million. On average, equities research analysts expect that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

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.