Root (NASDAQ:ROOT) Trading 5.5% Higher - What's Next?

Root, Inc. (NASDAQ:ROOT - Get Free Report)'s stock price rose 5.5% during mid-day trading on Monday . The company traded as high as $124.00 and last traded at $122.11. Approximately 101,233 shares changed hands during trading, a decline of 80% from the average daily volume of 518,449 shares. The stock had previously closed at $115.76.

Analyst Ratings Changes

ROOT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their target price on Root from $150.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Wells Fargo & Company decreased their target price on Root from $142.00 to $118.00 and set an "equal weight" rating on the stock in a research report on Thursday. TD Cowen increased their target price on Root from $51.00 to $125.00 and gave the company a "hold" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded Root from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Jefferies Financial Group raised their price objective on Root from $115.00 to $150.00 and gave the company a "buy" rating in a report on Friday, April 11th. Six equities research 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. According to MarketBeat, Root currently has an average rating of "Moderate Buy" and an average target price of $130.50.

Root Stock Performance

The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.87. The firm has a fifty day moving average price of $135.12 and a 200 day moving average price of $123.00. The firm has a market cap of $1.88 billion, a PE ratio of 38.26 and a beta of 2.26.

Root (NASDAQ:ROOT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.45 by $0.62. Root had a return on equity of 27.33% and a net margin of 4.11%. The business had revenue of $349.40 million for the quarter, compared to analyst estimates of $305.24 million. During the same quarter in the previous year, the firm earned ($0.42) EPS. The company's quarterly revenue was up 37.2% compared to the same quarter last year. As a group, equities research analysts expect that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Root news, insider Mahtiyar Bonakdarpour sold 5,256 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $130.60, for a total transaction of $686,433.60. Following the transaction, the insider directly owned 281,645 shares in the company, valued at $36,782,837. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Beth A. Birnbaum sold 2,852 shares of Root stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $138.33, for a total value of $394,517.16. Following the completion of the transaction, the director directly owned 14,280 shares of the company's stock, valued at approximately $1,975,352.40. This represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 246,083 shares of company stock valued at $33,362,319 over the last three months. Company insiders own 11.71% of the company's stock.

Hedge Funds Weigh In On Root

Institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its position in Root by 12.0% in the 4th quarter. California State Teachers Retirement System now owns 7,477 shares of the company's stock valued at $543,000 after acquiring an additional 801 shares in the last quarter. Mariner LLC acquired a new position in Root in the 4th quarter valued at about $217,000. Kingswood Wealth Advisors LLC acquired a new position in Root in the 1st quarter valued at about $220,000. Bank of New York Mellon Corp grew its position in Root by 36.0% in the 4th quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company's stock valued at $1,774,000 after acquiring an additional 6,465 shares in the last quarter. Finally, Swiss National Bank grew its position in Root by 15.6% in the 4th quarter. Swiss National Bank now owns 15,600 shares of the company's stock valued at $1,132,000 after acquiring an additional 2,100 shares in the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

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.

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