Root (NASDAQ:ROOT) Shares Down 2.8%

Root, Inc. (NASDAQ:ROOT) traded down 2.8% on Wednesday . The company traded as low as $39.72 and last traded at $39.81. 17,217 shares were traded during mid-day trading, a decline of 97% from the average session volume of 499,031 shares. The stock had previously closed at $40.96.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. UBS Group reduced their price objective on Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $82.00 price target (down from $88.00) on shares of Root in a research note on Friday, August 16th. Finally, TD Cowen lifted their price target on shares of Root from $11.00 to $51.00 and gave the stock a “hold” rating in a report on Wednesday, June 5th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Root presently has a consensus rating of “Hold” and an average price target of $47.78.

Root Trading Down 4.4 %

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98. The stock has a market capitalization of $587.10 million, a PE ratio of -5.27 and a beta of 2.54. The business’s fifty day moving average is $53.64 and its 200-day moving average is $54.93.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.74) by $1.22. The company had revenue of $289.20 million during the quarter, compared to analysts’ expectations of $264.80 million. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The business’s quarterly revenue was up 286.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($2.55) EPS. As a group, analysts anticipate that Root, Inc. will post -2.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Root

Hedge funds and other institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC purchased a new position in Root in the first quarter valued at approximately $293,000. Algert Global LLC purchased a new position in shares of Root in the 2nd quarter valued at $288,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Root by 76.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after acquiring an additional 2,576 shares during the period. Quantbot Technologies LP acquired a new position in shares of Root during the 1st quarter valued at $431,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Root during the 1st quarter worth $434,000. 59.82% of the stock is owned by institutional investors and hedge funds.

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.