Root (NASDAQ:ROOT) Given New $78.00 Price Target at Wells Fargo & Company

Root (NASDAQ:ROOT) had its price target upped by research analysts at Wells Fargo & Company from $64.00 to $78.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 6.63% from the company’s current price.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group lowered their price target on Root from $84.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research note on Thursday, October 3rd. JMP Securities restated a “market outperform” rating and issued a $90.00 target price on shares of Root in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $82.00 price objective (down previously from $88.00) on shares of Root in a research report on Friday, August 16th. Finally, UBS Group lowered their target price on Root from $71.00 to $61.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. Four equities 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.38.

Root Stock Up 7.0 %

Shares of Root stock traded up $4.76 during trading hours on Friday, reaching $73.15. The company’s stock had a trading volume of 2,513,561 shares, compared to its average volume of 531,803. 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 stock’s fifty day simple moving average is $40.72 and its two-hundred day simple moving average is $51.28. The company has a market capitalization of $1.10 billion, a P/E ratio of -60.36 and a beta of 2.53. Root has a one year low of $7.22 and a one year high of $118.15.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. The business had revenue of $305.70 million during the quarter, compared to the consensus estimate of $272.77 million. Root had a negative return on equity of 10.13% and a negative net margin of 1.56%. The company’s quarterly revenue was up 165.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($3.16) EPS. On average, research analysts forecast that Root will post -2.13 earnings per share for the current year.

Institutional Investors Weigh In On Root

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new position in Root in the 3rd quarter worth approximately $412,000. Algert Global LLC bought a new stake in shares of Root during the 2nd quarter worth $288,000. Driehaus Capital Management LLC purchased a new position in Root in the second quarter worth $9,154,000. Alpha DNA Investment Management LLC increased its stake in Root by 5.5% in 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 during the last quarter. Finally, Hood River Capital Management LLC purchased a new stake in Root during the second quarter valued at about $9,547,000. 59.82% of the stock is 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.