Root (NASDAQ:ROOT) Stock Price Down 6%

Root, Inc. (NASDAQ:ROOT)’s stock price dropped 6% on Friday . The stock traded as low as $53.31 and last traded at $53.43. Approximately 345,158 shares changed hands during trading, a decline of 48% from the average daily volume of 665,290 shares. The stock had previously closed at $56.85.

Analyst Upgrades and Downgrades

Several analysts recently commented on ROOT shares. JMP Securities raised their price target on shares of Root from $15.00 to $90.00 and gave the stock a “market outperform” rating in a report on Wednesday. TD Cowen began coverage on Root in a research report on Wednesday, January 10th. They set a “market perform” rating for the company. Jefferies Financial Group raised Root from a “hold” rating to a “buy” rating and upped their target price for the stock from $10.00 to $40.00 in a research report on Friday, March 1st. Citigroup lifted their price target on Root from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $70.00 price target (up previously from $22.00) on shares of Root in a research note on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $39.50.

Root Stock Performance

The stock has a fifty day moving average price of $54.52 and a 200 day moving average price of $25.24. The company has a current ratio of 1.51, a quick ratio of 1.60 and a debt-to-equity ratio of 1.81. The firm has a market cap of $821.83 million, a price-to-earnings ratio of -7.32 and a beta of 2.72.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, beating 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 company had revenue of $254.90 million for the quarter, compared to analyst estimates of $203.99 million. During the same quarter last year, the firm posted ($2.88) earnings per share. The company’s quarterly revenue was up 263.6% compared to the same quarter last year. As a group, analysts predict that Root, Inc. will post -7.87 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Citigroup Inc. grew its position in Root by 218,250.0% in the 3rd 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 last quarter. Sequoia Financial Advisors LLC bought a new position in Root during the 1st quarter valued at about $293,000. Barclays PLC boosted its position in Root by 229,380.0% in the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after buying an additional 11,469 shares in the last quarter. Corton Capital Inc. bought a new stake in Root during the third quarter worth about $120,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Root during the third quarter worth about $158,000. 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.