Root (NASDAQ:ROOT) Hits New 52-Week High – Still a Buy?

Root, Inc. (NASDAQ:ROOT) shares reached a new 52-week high on Tuesday . The company traded as high as $181.14 and last traded at $177.69, with a volume of 802993 shares changing hands. The stock had previously closed at $160.26.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ROOT. Wells Fargo & Company reissued a “buy” rating on shares of Root in a research note on Sunday, March 2nd. UBS Group raised their price objective on Root from $67.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, March 7th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research note on Sunday, March 2nd. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Root has an average rating of “Moderate Buy” and an average price target of $88.33.

Root Stock Performance

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm has a 50-day moving average price of $116.19 and a two-hundred day moving average price of $82.74. The firm has a market cap of $2.70 billion, a PE ratio of -144.46 and a beta of 2.48.

Root (NASDAQ:ROOT) last announced its earnings results 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. The company had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. Research analysts forecast that Root, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. acquired a new position in Root during the fourth quarter worth $29,661,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Root by 163.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock worth $9,286,000 after acquiring an additional 79,317 shares during the period. Renaissance Technologies LLC boosted its position in shares of Root by 41.8% during the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock valued at $19,129,000 after acquiring an additional 77,699 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Root by 16.2% in the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock valued at $38,250,000 after purchasing an additional 73,413 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in Root during the fourth quarter worth about $3,834,000. 59.82% of the stock is 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.