Root (NASDAQ:ROOT – Get Free Report) had its target price boosted by Wells Fargo & Company from $64.00 to $78.00 in a report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 6.63% from the company’s current price.
A number of other research firms have also commented on ROOT. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $82.00 price target (down previously from $88.00) on shares of Root in a research report on Friday, August 16th. UBS Group decreased their target price on Root from $71.00 to $61.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. JMP Securities reissued a “market outperform” rating and set a $90.00 price objective on shares of Root in a research report on Tuesday, October 15th. Cantor Fitzgerald raised shares of Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, Jefferies Financial Group cut their target price on shares of Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Four equities research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $57.38.
Get Our Latest Stock Report on ROOT
Root Trading Up 7.0 %
Root (NASDAQ:ROOT – Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.61) by $1.96. The firm had revenue of $305.70 million for the quarter, compared to analysts’ expectations of $272.77 million. Root had a negative net margin of 1.56% and a negative return on equity of 10.13%. The business’s revenue was up 165.1% on a year-over-year basis. During the same quarter last year, the business earned ($3.16) earnings per share. Equities analysts forecast that Root will post -2.13 EPS for the current year.
Hedge Funds Weigh In On Root
Large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. bought a new position in Root during the 1st quarter valued at approximately $1,171,000. Tidal Investments LLC purchased a new position in shares of Root in the 1st quarter worth about $1,997,000. Quantbot Technologies LP bought a new position in Root in the 1st quarter worth about $431,000. Driehaus Capital Management LLC purchased a new stake in Root during the 2nd quarter valued at about $9,154,000. Finally, Bank of New York Mellon Corp purchased a new position in Root in the second quarter worth about $1,280,000. 59.82% of the stock is currently owned by hedge funds and other 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.
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