Root (NASDAQ:ROOT) Trading Down 11% – What’s Next?

Root, Inc. (NASDAQ:ROOT) fell 11% on Thursday . The company traded as low as $105.05 and last traded at $105.66. 143,055 shares were traded during trading, a decline of 62% from the average session volume of 376,088 shares. The stock had previously closed at $118.69.

Analyst Ratings Changes

A number of brokerages recently weighed in on ROOT. Keefe, Bruyette & Woods restated an “outperform” rating and set a $90.00 price objective (up from $82.00) on shares of Root in a research note on Tuesday, November 5th. Wells Fargo & Company increased their price target on Root from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 14th. JMP Securities cut Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Citizens Jmp cut Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, UBS Group increased their price target on Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Root has an average rating of “Hold” and a consensus price target of $59.38.

Root Stock Down 9.9 %

The business has a fifty day moving average price of $90.52 and a two-hundred day moving average price of $69.04. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -81.47 and a beta of 2.58.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ROOT. Versor Investments LP acquired a new position in shares of Root in the third quarter valued at about $216,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Root in the third quarter valued at about $539,000. Quantbot Technologies LP increased its holdings in shares of Root by 120.0% in the third quarter. Quantbot Technologies LP now owns 14,836 shares of the company’s stock valued at $561,000 after purchasing an additional 8,092 shares during the period. FMR LLC grew its holdings in Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company’s stock worth $682,000 after acquiring an additional 16,348 shares during the period. Finally, MetLife Investment Management LLC grew its holdings in Root by 129.1% during the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after acquiring an additional 2,889 shares during the period. 59.82% of the stock is owned by institutional investors and hedge funds.

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.