Root (NASDAQ:ROOT) Stock Price Up 4.2%

Root, Inc. (NASDAQ:ROOT - Get Free Report) shot up 4.2% during mid-day trading on Friday . The company traded as high as $64.65 and last traded at $64.43. 84,530 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 650,095 shares. The stock had previously closed at $61.81.

Analyst Ratings Changes

A number of research firms have recently issued reports on ROOT. Citigroup lifted their price objective on shares of Root from $11.00 to $12.00 and gave the company a "neutral" rating in a report on Friday, February 23rd. Wells Fargo & Company lifted their price objective on shares of Root from $64.00 to $78.00 and gave the company an "equal weight" rating in a report on Wednesday, May 1st. Jefferies Financial Group upgraded shares of Root from a "hold" rating to a "buy" rating and lifted their price objective for the company from $10.00 to $40.00 in a report on Friday, March 1st. JMP Securities lifted their price objective on shares of Root from $15.00 to $90.00 and gave the company a "market outperform" rating in a report on Wednesday, May 1st. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $80.00 price objective (up from $70.00) on shares of Root in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $40.75.

Root Stock Performance

The firm has a market capitalization of $977.14 million, a price-to-earnings ratio of -8.60 and a beta of 2.72. The stock's fifty day moving average is $60.24 and its two-hundred day moving average is $28.89. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.81.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, topping analysts' consensus estimates of ($2.51) by $2.09. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. The firm had revenue of $254.90 million during the quarter, compared to analysts' expectations of $203.99 million. During the same period in the previous year, the business posted ($2.88) earnings per share. The company's revenue for the quarter was up 263.6% compared to the same quarter last year. On average, analysts predict that Root, Inc. will post -6.59 earnings per share for the current year.

Insiders Place Their Bets

In other Root news, major shareholder Meyer Malka sold 13,300 shares of Root stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $60.58, for a total transaction of $805,714.00. Following the completion of the transaction, the insider now directly owns 43,107 shares of the company's stock, valued at $2,611,422.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 10.34% of the company's stock.

Institutional Investors Weigh In On Root

A number of institutional investors have recently modified their holdings of the business. Tidal Investments LLC acquired a new position in Root during the first quarter worth about $1,997,000. Price T Rowe Associates Inc. MD acquired a new position in Root during the first quarter worth about $434,000. Quantbot Technologies LP acquired a new position in Root during the first quarter worth about $431,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Root during the first quarter worth $1,171,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Root during the first quarter worth $293,000. Institutional investors own 59.82% of the company's stock.

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.