Root (NASDAQ:ROOT) Receives “Outperform” Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their outperform rating on shares of Root (NASDAQ:ROOT) in a research report sent to investors on Wednesday, Benzinga reports. They currently have a $70.00 price target on the stock, up from their prior price target of $22.00.

A number of other equities research analysts also recently issued reports on ROOT. Citigroup upped their price objective on Root from $11.00 to $12.00 and gave the company a neutral rating in a research report on Friday, February 23rd. TD Cowen assumed coverage on Root in a research report on Wednesday, January 10th. They set a market perform rating on the stock. Jefferies Financial Group upgraded Root from a hold rating to a buy rating and upped their price objective for the company from $10.00 to $40.00 in a research report on Friday, March 1st. JMP Securities reiterated a market outperform rating and issued a $15.00 price target on shares of Root in a report on Monday, April 15th. Finally, Cantor Fitzgerald upgraded Root from a neutral rating to an overweight rating and increased their price target for the stock from $9.00 to $13.00 in a report on Thursday, February 22nd. Five research 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, the stock presently has an average rating of Hold and a consensus target price of $21.88.

Root Price Performance

NASDAQ:ROOT opened at $60.02 on Wednesday. Root has a 12 month low of $3.63 and a 12 month high of $85.99. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. The business’s 50-day moving average is $47.88 and its 200 day moving average is $23.04.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($1.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.49) by $0.85. Root had a negative return on equity of 73.62% and a negative net margin of 32.40%. The business had revenue of $194.80 million for the quarter, compared to the consensus estimate of $108.00 million. On average, research analysts expect that Root will post -7.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ROOT. Citigroup Inc. grew its stake in Root by 218,250.0% in the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares in the last quarter. Barclays PLC grew its stake in Root by 229,380.0% in the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock worth $109,000 after purchasing an additional 11,469 shares in the last quarter. Corton Capital Inc. bought a new position in Root in the third quarter worth approximately $120,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Root in the third quarter worth approximately $158,000. Finally, Jump Financial LLC bought a new position in Root in the fourth quarter worth approximately $234,000. Institutional investors own 59.82% of the company’s stock.

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.