Root (NASDAQ:ROOT) Announces Earnings Results

Root (NASDAQ:ROOT) posted its quarterly earnings data on Wednesday. The company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96, Briefing.com reports. Root had a negative net margin of 9.81% and a negative return on equity of 50.80%. The company had revenue of $305.70 million for the quarter, compared to analyst estimates of $272.77 million. During the same period in the previous year, the business posted ($3.16) earnings per share. Root’s quarterly revenue was up 165.1% on a year-over-year basis.

Root Price Performance

Shares of NASDAQ ROOT traded up $23.91 during midday trading on Thursday, hitting $64.40. The company had a trading volume of 12,948,196 shares, compared to its average volume of 519,752. The firm has a market capitalization of $966.00 million, a price-to-earnings ratio of -13.57 and a beta of 2.53. Root has a twelve month low of $7.22 and a twelve month high of $118.15. The business has a 50-day simple moving average of $40.25 and a two-hundred day simple moving average of $51.16. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.98.

Wall Street Analysts Forecast Growth

ROOT has been the topic of several recent research reports. Jefferies Financial Group dropped their price target on Root from $84.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company dropped their target price on Root from $71.00 to $64.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. UBS Group cut their price target on Root from $71.00 to $61.00 and set a “neutral” rating for the company in a research note on Tuesday, August 13th. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, JMP Securities reissued a “market outperform” rating and issued a $90.00 price objective on shares of Root in a research note on Tuesday, October 15th. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.63.

Root Company Profile

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.