Root (NASDAQ:ROOT) Trading Up 6.8% – Time to Buy?

Root, Inc. (NASDAQ:ROOT) shares shot up 6.8% during mid-day trading on Tuesday . The stock traded as high as $139.00 and last traded at $136.67. 121,935 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 505,972 shares. The stock had previously closed at $127.91.

Analyst Ratings Changes

A number of research analysts have commented on ROOT shares. Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research report on Sunday, March 2nd. Citizens Jmp downgraded shares of Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. UBS Group upped their price target on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday. Scotiabank reiterated a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Finally, JMP Securities downgraded Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $88.33.

Root Trading Up 7.1 %

The business’s 50 day moving average is $101.24 and its 200 day moving average is $75.13. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -111.34 and a beta of 2.48. 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) last posted its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of ($0.63) by $1.93. The firm had revenue of $326.70 million during the quarter, compared to analysts’ expectations of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. As a group, equities analysts expect that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Root

Several institutional investors have recently modified their holdings of ROOT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Root by 69.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,421 shares of the company’s stock worth $611,000 after purchasing an additional 3,459 shares during the last quarter. State of Wyoming raised its stake in Root by 21.6% in the 4th quarter. State of Wyoming now owns 4,162 shares of the company’s stock valued at $302,000 after purchasing an additional 740 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Root by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock valued at $357,000 after purchasing an additional 171 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Root during the 4th quarter worth about $248,000. Finally, Deutsche Bank AG grew its holdings in shares of Root by 47.4% during the fourth quarter. Deutsche Bank AG now owns 7,818 shares of the company’s stock worth $568,000 after buying an additional 2,513 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.