Root (NASDAQ:ROOT) Stock Rating Lowered by Citizens Jmp

Root (NASDAQ:ROOT) was downgraded by Citizens Jmp from a “strong-buy” rating to a “hold” rating in a research note issued on Friday,Zacks.com reports.

A number of other brokerages also recently issued reports on ROOT. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $90.00 price target (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. JMP Securities cut Root from an “outperform” rating to a “market perform” rating in a report on Friday. Jefferies Financial Group reduced their target price on Root from $84.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company increased their target price on Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Finally, Cantor Fitzgerald raised Root to a “strong-buy” rating in a report on Thursday, October 3rd. Six equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $59.13.

Root Stock Performance

Shares of ROOT stock opened at $109.23 on Friday. The company has a market capitalization of $1.65 billion, a P/E ratio of -88.80 and a beta of 2.34. The business’s 50 day moving average is $54.94 and its two-hundred day moving average is $54.11. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. Root has a 12-month low of $7.22 and a 12-month high of $118.15.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $1.96. The company had revenue of $305.70 million for the quarter, compared to the consensus estimate of $272.77 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. Root’s revenue for the quarter was up 165.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($3.16) earnings per share. Analysts expect that Root will post -1.2 EPS for the current fiscal year.

Insider Activity at Root

In related news, Director Julie Szudarek sold 2,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $96.33, for a total value of $192,660.00. Following the completion of the transaction, the director now directly owns 15,003 shares in the company, valued at approximately $1,445,238.99. This represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Meyer Malka sold 75,839 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $81.21, for a total value of $6,158,885.19. Following the completion of the transaction, the insider now owns 43,107 shares of the company’s stock, valued at $3,500,719.47. The trade was a 63.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 246,905 shares of company stock valued at $20,440,479. 11.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Versor Investments LP purchased a new position in Root in the third quarter worth approximately $216,000. Tidal Investments LLC purchased a new position in Root in the first quarter worth approximately $1,997,000. Driehaus Capital Management LLC purchased a new position in shares of Root during the second quarter worth $9,154,000. Bank of New York Mellon Corp purchased a new position in shares of Root during the second quarter worth $1,280,000. Finally, Hood River Capital Management LLC purchased a new position in shares of Root during the second quarter worth $9,547,000. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

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.