Root (NASDAQ:ROOT) Trading Up 3.9% – Here’s What Happened

Root, Inc. (NASDAQ:ROOT) was up 3.9% during trading on Friday . The stock traded as high as $158.00 and last traded at $158.63. Approximately 251,271 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 502,328 shares. The stock had previously closed at $152.64.

Analyst Ratings Changes

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

Root Stock Performance

The stock has a market capitalization of $2.44 billion, a P/E ratio of -130.29 and a beta of 2.48. The company’s 50-day moving average is $114.28 and its two-hundred day moving average is $81.48. 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 (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping 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 company had revenue of $326.70 million for the quarter, compared to the consensus estimate of $287.79 million. As a group, sell-side analysts anticipate that Root, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Trading of Root

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