Root (NASDAQ:ROOT) Rating Reiterated by JMP Securities

Root (NASDAQ:ROOT)‘s stock had its “market outperform” rating reiterated by investment analysts at JMP Securities in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $90.00 price objective on the stock. JMP Securities’ target price points to a potential upside of 110.82% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a research report on Thursday, October 3rd. UBS Group lowered their price target 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 reiterated an “outperform” rating and set a $82.00 price target (down previously from $88.00) on shares of Root in a research report on Friday, August 16th. Jefferies Financial Group lowered their price target on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company lowered their price target on Root from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Four 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.63.

Root Stock Up 0.9 %

Shares of ROOT opened at $42.69 on Tuesday. Root has a 52 week low of $7.22 and a 52 week high of $86.57. 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 company has a market capitalization of $636.08 million, a price-to-earnings ratio of -5.49 and a beta of 2.53. The stock’s 50-day moving average price is $41.63 and its 200-day moving average price is $53.37.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.74) by $1.22. The company had revenue of $289.20 million for the quarter, compared to the consensus estimate of $264.80 million. Root had a negative return on equity of 50.80% and a negative net margin of 9.81%. Root’s revenue for the quarter was up 286.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($2.55) earnings per share. On average, sell-side analysts predict that Root will post -2.13 EPS for the current year.

Hedge Funds Weigh In On Root

Several hedge funds and other institutional investors have recently made changes to their positions in ROOT. Hood River Capital Management LLC acquired a new stake in shares of Root in the second quarter valued at approximately $9,547,000. Driehaus Capital Management LLC acquired a new stake in shares of Root in the second quarter valued at approximately $9,154,000. Tidal Investments LLC acquired a new stake in shares of Root in the first quarter valued at approximately $1,997,000. Bank of New York Mellon Corp acquired a new stake in shares of Root in the second quarter valued at approximately $1,280,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Root in the first quarter valued at approximately $1,171,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.