Root (NASDAQ:ROOT) Hits New 1-Year Low – Here’s What Happened
by Michael Walen · The Markets DailyRoot, Inc. (NASDAQ:ROOT – Get Free Report) hit a new 52-week low on Wednesday . The company traded as low as $55.57 and last traded at $56.88, with a volume of 76609 shares changing hands. The stock had previously closed at $59.13.
Analyst Ratings Changes
A number of brokerages have weighed in on ROOT. Weiss Ratings reissued a “sell (d+)” rating on shares of Root in a report on Monday, December 29th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Root in a report on Friday, November 7th. Wells Fargo & Company set a $75.00 target price on Root and gave the company an “equal weight” rating in a research note on Tuesday, January 13th. Zacks Research upgraded Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Wall Street Zen downgraded Root from a “hold” rating to a “sell” rating in a report on Sunday, January 18th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $121.60.
Check Out Our Latest Report on ROOT
Root Stock Performance
The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $910.90 million, a PE ratio of 17.74 and a beta of 2.76. The firm’s fifty day moving average price is $72.21 and its 200 day moving average price is $83.19.
Hedge Funds Weigh In On Root
Institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue acquired a new position in Root in the 3rd quarter valued at $50,000. Russell Investments Group Ltd. grew its position in shares of Root by 511.7% in the second quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after purchasing an additional 614 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Root by 28.5% in the second quarter. Ameritas Investment Partners Inc. now owns 1,087 shares of the company’s stock worth $139,000 after purchasing an additional 241 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Root by 237.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock worth $164,000 after purchasing an additional 899 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Root in the 3rd quarter valued at approximately $144,000. 59.82% of the stock is currently owned by institutional investors.
About Root
Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.
The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.