JMP Securities Reaffirms “Market Outperform” Rating for Root (NASDAQ:ROOT)

JMP Securities reissued their market outperform rating on shares of Root (NASDAQ:ROOT) in a report published on Monday morning, Benzinga reports. JMP Securities currently has a $15.00 target price on the stock.

Other analysts also recently issued reports about the stock. Cantor Fitzgerald raised shares of Root from a neutral rating to an overweight rating and lifted their price objective for the stock from $9.00 to $13.00 in a report on Thursday, February 22nd. Wells Fargo & Company upped their price objective on Root from $11.00 to $12.00 and gave the stock an equal weight rating in a report on Thursday, February 22nd. Citigroup raised their price objective on Root from $11.00 to $12.00 and gave the company a neutral rating in a report on Friday, February 23rd. TD Cowen started coverage on shares of Root in a research note on Wednesday, January 10th. They set a market perform rating on the stock. Finally, Keefe, Bruyette & Woods raised shares of Root from a market perform rating to an outperform rating and upped their price objective for the company from $10.00 to $22.00 in a research note on Monday, February 26th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Root presently has an average rating of Hold and an average price target of $15.88.

Root Stock Performance

NASDAQ:ROOT opened at $53.72 on Monday. The stock has a market cap of $784.31 million, a P/E ratio of -5.25 and a beta of 2.86. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.80. The business’s 50-day moving average price is $43.15 and its two-hundred day moving average price is $21.42. Root has a twelve month low of $3.63 and a twelve month high of $85.99.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, February 21st. The company reported ($1.64) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.49) by $0.85. Root had a negative net margin of 32.40% and a negative return on equity of 73.62%. The business had revenue of $194.80 million for the quarter, compared to the consensus estimate of $108.00 million. As a group, equities analysts predict that Root will post -7.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Root

A number of hedge funds have recently modified their holdings of the company. Citigroup Inc. boosted its holdings in shares of Root by 218,250.0% during the third quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock worth $42,000 after purchasing an additional 4,365 shares during the period. UBS Group AG lifted its holdings in Root by 134.8% in the 4th quarter. UBS Group AG now owns 7,897 shares of the company’s stock worth $35,000 after buying an additional 4,533 shares during the period. CIBC Asset Management Inc bought a new stake in shares of Root in the 1st quarter worth approximately $47,000. Delphia USA Inc. purchased a new position in shares of Root during the fourth quarter valued at approximately $49,000. Finally, Barclays PLC raised its holdings in shares of Root by 229,380.0% during the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after acquiring an additional 11,469 shares in the last quarter. Hedge funds and other 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.