Root (NASDAQ:ROOT) Hits New 12-Month High – Here’s Why

Root, Inc. (NASDAQ:ROOT) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $154.52 and last traded at $152.34, with a volume of 605386 shares. The stock had previously closed at $151.73.

Analyst Ratings Changes

A number of analysts recently issued reports on ROOT shares. Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. JMP Securities downgraded shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. UBS Group increased their target price on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Root has a consensus rating of “Moderate Buy” and a consensus price target of $88.33.

Root Price Performance

The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -125.40 and a beta of 2.48. The business’s 50-day moving average price is $111.11 and its two-hundred day moving average price is $79.88.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The firm had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. On average, research analysts forecast that Root, Inc. will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Root

Several large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Root by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock worth $357,000 after purchasing an additional 171 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Root by 5.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,382 shares of the company’s stock worth $391,000 after purchasing an additional 255 shares during the last quarter. Legal & General Group Plc lifted its stake in Root by 3.6% during the fourth quarter. Legal & General Group Plc now owns 7,955 shares of the company’s stock worth $577,000 after purchasing an additional 273 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Root by 651.8% in the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock valued at $31,000 after buying an additional 365 shares during the last quarter. Finally, State Street Corp lifted its stake in Root by 0.3% in the third quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after buying an additional 444 shares during the last quarter. 59.82% of the stock is currently owned by institutional investors.

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.