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

JMP Securities restated their market outperform rating on shares of Root (NASDAQ:ROOT) in a report issued on Tuesday morning, Benzinga reports. JMP Securities currently has a $90.00 target price on the stock.

ROOT has been the topic of several other research reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $82.00 price target (down previously from $88.00) on shares of Root in a research note on Friday, August 16th. Jefferies Financial Group lowered their target price on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Cantor Fitzgerald raised Root to a “strong-buy” rating in a report on Thursday, October 3rd. UBS Group lowered their price objective on Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company cut their price objective on Root from $71.00 to $64.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. Four research 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.63.

Root Stock Down 1.5 %

ROOT stock opened at $42.07 on Tuesday. The company has a market cap of $631.05 million, a price-to-earnings ratio of -7.33 and a beta of 2.53. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.43 and a current ratio of 1.43. The business’s 50-day moving average is $41.62 and its two-hundred day moving average is $53.29. Root has a fifty-two week low of $7.22 and a fifty-two week high of $86.57.

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

Institutional Trading of Root

Several institutional investors have recently made changes to their positions in ROOT. SG Americas Securities LLC bought a new position in Root in the 3rd quarter worth approximately $412,000. Algert Global LLC purchased a new position in shares of Root in the second quarter worth $288,000. Driehaus Capital Management LLC bought a new position in shares of Root during the second quarter worth $9,154,000. Alpha DNA Investment Management LLC grew its stake in Root by 5.5% during the second quarter. Alpha DNA Investment Management LLC now owns 9,306 shares of the company’s stock valued at $480,000 after acquiring an additional 486 shares in the last quarter. Finally, Hood River Capital Management LLC bought a new stake in Root in the 2nd quarter valued at $9,547,000. 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.