Root, Inc. (NASDAQ:ROOT) has received a “Hold” recommendation from the eight analysts currently covering the company, according to a report by Marketbeat. Of these analysts, one has given a sell rating, six have given a hold rating, and one has given a buy rating to the company. The average one-year price target among brokers who have issued ratings on the stock in the past year is $8.30.
In related news, CTO Mahtiyar Bonakdarpour recently purchased 9,485 shares of Root stock in a transaction valued at $85,270.15. Following this purchase, the chief technology officer now owns a total of 292,550 shares in the company, worth $2,630,024.50. The insider purchase was disclosed in a filing with the Securities & Exchange Commission.
Hedge funds and other institutional investors have also been active in trading Root stock recently. UBS Group AG increased its position in Root by 134.8% in the fourth quarter. Raymond James Financial Services Advisors Inc. and CIBC Asset Management Inc. also made new stakes in Root in the second quarter and first quarter respectively. Overall, hedge funds and institutional investors currently own 43.50% of the company’s stock.
Shares of Root opened at $10.69 on Wednesday, with a market cap of $155.01 million. The stock has a price-to-earnings ratio of -0.76 and a beta of 1.58. The 50-day simple moving average is $10.06, while the 200-day simple moving average is $6.63. Root has a debt-to-equity ratio of 1.39 and a quick ratio of 1.82.
In its most recent quarterly earnings report, Root reported earnings per share of ($2.55), beating the consensus estimate of ($3.00) by $0.45. The company had revenue of $74.80 million for the quarter, compared to analyst estimates of $73.00 million. Root’s net margin was -68.96% and its return on equity was -75.00%. Analysts predict that Root will post earnings per share of -11.38 for the current fiscal year.
Root, Inc. provides insurance products and services in the United States, specializing in automobile, homeowners, and renters insurance. The company operates primarily through a direct-to-consumer model, serving customers via mobile applications and its website. In addition, Root distributes its products through digital, media, and referral channels, as well as through distribution partners and agencies.
Sources:
– Marketbeat
– Securities & Exchange Commission
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.