Shares of Root, Inc. (NASDAQ:ROOT - Get Free Report) traded up 4.6% on Friday . The stock traded as high as $130.29 and last traded at $131.11. 159,489 shares were traded during mid-day trading, a decline of 69% from the average session volume of 512,020 shares. The stock had previously closed at $125.32.
Analyst Ratings Changes
Several research analysts have recently weighed in on the stock. UBS Group upped their target price 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. Wall Street Zen upgraded shares of Root from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Scotiabank restated a "sector perform" rating on shares of Root in a research note on Sunday, March 2nd. Wells Fargo & Company upped their price target on shares of Root from $105.00 to $142.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Finally, Jefferies Financial Group upped their price target on shares of Root from $115.00 to $150.00 and gave the company a "buy" rating in a report on Friday, April 11th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $122.17.
Read Our Latest Report on ROOT
Root Stock Up 3.5%
The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -105.50 and a beta of 2.40. The stock's fifty day simple moving average is $133.51 and its two-hundred day simple moving average is $113.49. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39.
Root (NASDAQ:ROOT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.62. The company had revenue of $349.40 million for the quarter, compared to analysts' expectations of $305.24 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm's revenue was up 37.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.42) earnings per share. On average, sell-side analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal year.
Insider Transactions at Root
In related news, Director Doug Ulman sold 2,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 6,201 shares in the company, valued at $1,085,175. This represents a 24.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Meyer Malka sold 225,000 shares of the stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $135.81, for a total transaction of $30,557,250.00. Following the completion of the transaction, the insider now owns 503,800 shares of the company's stock, valued at $68,421,078. This represents a 30.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 233,659 shares of company stock worth $31,748,719. Insiders own 11.76% of the company's stock.
Institutional Investors Weigh In On Root
A number of institutional investors and hedge funds have recently bought and sold shares of ROOT. T. Rowe Price Investment Management Inc. acquired a new stake in Root in the 4th quarter valued at about $29,661,000. Invesco Ltd. lifted its holdings in Root by 5,575.0% in the 1st quarter. Invesco Ltd. now owns 256,792 shares of the company's stock valued at $34,266,000 after acquiring an additional 252,267 shares during the last quarter. American Century Companies Inc. acquired a new stake in Root in the 1st quarter valued at about $30,786,000. Driehaus Capital Management LLC acquired a new stake in Root in the 1st quarter valued at about $20,423,000. Finally, Jump Financial LLC lifted its holdings in Root by 765.2% in the 1st quarter. Jump Financial LLC now owns 105,728 shares of the company's stock valued at $14,108,000 after acquiring an additional 93,508 shares during the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.
Root Company Profile
(
Get Free Report)
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.
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