Wall Street Zen Upgrades Root (NASDAQ:ROOT) to Buy

Root (NASDAQ:ROOT - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Thursday.

A number of other research firms also recently issued reports on ROOT. Keefe, Bruyette & Woods increased their price target on Root from $150.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Wells Fargo & Company lifted their price objective on Root from $105.00 to $142.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Scotiabank reiterated a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. UBS Group raised their target price 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. Finally, Jefferies Financial Group boosted 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 research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $122.17.

Root Trading Up 1.6%

ROOT stock traded up $1.98 during mid-day trading on Thursday, reaching $127.89. The company had a trading volume of 133,992 shares, compared to its average volume of 511,520. The company has a market capitalization of $1.97 billion, a PE ratio of -103.82 and a beta of 2.40. The firm has a 50 day moving average of $137.74 and a 200 day moving average of $110.42. Root has a 12 month low of $34.04 and a 12 month high of $181.14. 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 announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.62. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The firm had revenue of $349.40 million during the quarter, compared to analyst estimates of $305.24 million. Root's quarterly revenue was up 37.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.42) earnings per share. On average, equities analysts predict that Root will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Root

In related news, CEO Alexander E. Timm sold 1,144 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total transaction of $153,307.44. Following the transaction, the chief executive officer now directly owns 161,625 shares in the company, valued at $21,659,366.25. The trade was a 0.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Doug Ulman sold 2,000 shares of the company's 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 transaction, the director now directly owns 6,201 shares in the company, valued at $1,085,175. This represents a 24.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 233,659 shares of company stock worth $31,748,719 over the last quarter. Insiders own 11.76% of the company's stock.

Institutional Investors Weigh In On Root

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Twin Tree Management LP purchased a new stake in shares of Root during the first quarter worth about $37,000. KBC Group NV acquired a new stake in Root in the 1st quarter worth approximately $48,000. Russell Investments Group Ltd. boosted its stake in Root by 651.8% in the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock worth $31,000 after purchasing an additional 365 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Root during the 4th quarter worth approximately $94,000. Finally, Blueshift Asset Management LLC acquired a new position in Root during the 1st quarter valued at approximately $204,000. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.