Root (NASDAQ:ROOT – Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.61) by $1.96, Briefing.com reports. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The firm had revenue of $305.70 million during the quarter, compared to the consensus estimate of $272.77 million. During the same period last year, the firm posted ($3.16) EPS. The firm’s quarterly revenue was up 165.1% on a year-over-year basis.
Root Price Performance
ROOT traded up $59.15 during midday trading on Thursday, hitting $99.64. The company had a trading volume of 7,304,420 shares, compared to its average volume of 493,004. 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 company has a market capitalization of $1.49 billion, a PE ratio of -17.25 and a beta of 2.53. Root has a twelve month low of $7.22 and a twelve month high of $118.15. The firm’s 50-day simple moving average is $40.25 and its 200-day simple moving average is $51.16.
Analyst Upgrades and Downgrades
ROOT has been the subject of several analyst reports. Jefferies Financial Group cut their price target on shares of Root from $84.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $82.00 price target (down from $88.00) on shares of Root in a report on Friday, August 16th. JMP Securities reissued a “market outperform” rating and set a $90.00 price target on shares of Root in a report on Tuesday, October 15th. Cantor Fitzgerald raised shares of Root to a “strong-buy” rating in a report on Thursday, October 3rd. 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 report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.63.
Root Company Profile
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.
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