Root (NASDAQ:ROOT) Stock Price Up 10.3% on Analyst Upgrade

Shares of Root, Inc. (NASDAQ:ROOT) were up 10.3% during trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $90.00 to $150.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Root traded as high as $126.73 and last traded at $130.59. Approximately 43,343 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 518,859 shares. The stock had previously closed at $118.39.

A number of other brokerages have also recently commented on ROOT. UBS Group increased their price target on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, March 7th. Scotiabank restated a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Wells Fargo & Company increased their target price on shares of Root from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 10th. Finally, Jefferies Financial Group increased their target price on Root from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Six analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $112.67.

Insider Activity at Root

In other news, Director Doug Ulman sold 2,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now owns 6,201 shares of the company’s stock, valued at approximately $1,085,175. This trade represents a 24.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alexander E. Timm sold 1,144 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total transaction of $153,307.44. Following the completion of the sale, the chief executive officer now directly owns 161,625 shares in the company, valued at approximately $21,659,366.25. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,659 shares of company stock valued at $1,191,469. 11.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Kingswood Wealth Advisors LLC acquired a new stake in shares of Root in the first quarter valued at about $220,000. GAMMA Investing LLC boosted its holdings in Root by 20,561.3% in the first quarter. GAMMA Investing LLC now owns 12,810 shares of the company’s stock valued at $1,709,000 after acquiring an additional 12,748 shares during the last quarter. California State Teachers Retirement System increased its position in Root by 12.0% during the 4th quarter. California State Teachers Retirement System now owns 7,477 shares of the company’s stock valued at $543,000 after purchasing an additional 801 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Root by 69.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,421 shares of the company’s stock worth $611,000 after purchasing an additional 3,459 shares during the last quarter. Finally, State of Wyoming lifted its position in shares of Root by 21.6% in the 4th quarter. State of Wyoming now owns 4,162 shares of the company’s stock worth $302,000 after purchasing an additional 740 shares during the period. 59.82% of the stock is owned by institutional investors.

Root Stock Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The stock’s 50 day moving average price is $130.39 and its 200 day moving average price is $96.39. The company has a market capitalization of $2.05 billion, a P/E ratio of -109.72 and a beta of 2.41.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $1.93. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The business had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. As a group, equities analysts expect that Root, Inc. will post -0.08 EPS for the current year.

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.