Root (NASDAQ:ROOT) Upgraded at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Root (NASDAQ:ROOT) to a strong-buy rating in a research report released on Thursday, Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods reissued an outperform rating and issued a $82.00 price target (down previously from $88.00) on shares of Root in a report on Friday, August 16th. TD Cowen upped their target price on shares of Root from $11.00 to $51.00 and gave the company a hold rating in a research note on Wednesday, June 5th. Finally, UBS Group cut their price target on shares of Root from $71.00 to $61.00 and set a neutral rating for the company in a research note on Tuesday, August 13th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Root presently has an average rating of Moderate Buy and an average target price of $53.38.

Root Stock Up 2.1 %

ROOT stock opened at $39.88 on Thursday. Root has a twelve month low of $7.22 and a twelve month high of $86.57. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98. The company has a market cap of $598.20 million, a PE ratio of -5.13 and a beta of 2.53. The business’s 50-day simple moving average is $44.42 and its 200 day simple moving average is $54.17.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($1.74) by $1.22. The company had revenue of $289.20 million for the quarter, compared to analyst estimates of $264.80 million. Root had a negative return on equity of 50.80% and a negative net margin of 9.81%. Root’s revenue for the quarter was up 286.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($2.55) EPS. On average, research analysts anticipate that Root will post -2.13 earnings per share for the current year.

Hedge Funds Weigh In On Root

Institutional investors have recently added to or reduced their stakes in the company. Cannell Capital LLC grew its position in Root by 144.0% during the 4th quarter. Cannell Capital LLC now owns 717,043 shares of the company’s stock worth $7,515,000 after acquiring an additional 423,120 shares during the last quarter. Hood River Capital Management LLC acquired a new stake in shares of Root in the second quarter valued at $9,547,000. Driehaus Capital Management LLC bought a new position in shares of Root in the second quarter valued at about $9,154,000. Tidal Investments LLC acquired a new position in Root during the 1st quarter worth about $1,997,000. Finally, Bank of New York Mellon Corp bought a new stake in Root during the 2nd quarter worth about $1,280,000. 59.82% of the stock is owned by 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.