Root (NASDAQ:ROOT) Trading 8.4% Higher – Time to Buy?

Root, Inc. (NASDAQ:ROOT)’s stock price shot up 8.4% during mid-day trading on Thursday . The stock traded as high as $126.81 and last traded at $128.32. 121,803 shares were traded during mid-day trading, a decline of 66% from the average session volume of 356,117 shares. The stock had previously closed at $118.32.

Wall Street Analyst Weigh In

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

Root Price Performance

The company has a market cap of $2.03 billion, a PE ratio of -109.34 and a beta of 2.58. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a 50 day moving average of $85.45 and a 200-day moving average of $66.04.

Insider Buying and Selling

In related news, Director Julie Szudarek sold 2,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $96.33, for a total value of $192,660.00. Following the completion of the transaction, the director now owns 15,003 shares in the company, valued at $1,445,238.99. This trade represents a 11.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 11.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Root

A number of institutional investors have recently modified their holdings of ROOT. Russell Investments Group Ltd. raised its stake in shares of Root by 651.8% during the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock valued at $31,000 after buying an additional 365 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of Root during the 3rd quarter valued at about $33,000. KLP Kapitalforvaltning AS purchased a new position in shares of Root during the 4th quarter valued at about $94,000. SBI Securities Co. Ltd. purchased a new position in shares of Root during the 4th quarter valued at about $154,000. Finally, MetLife Investment Management LLC raised its stake in shares of Root by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock valued at $194,000 after buying an additional 2,889 shares during the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

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.