Root (NASDAQ:ROOT) Sets New 52-Week High – Time to Buy?

Root, Inc. (NASDAQ:ROOT) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $121.37 and last traded at $120.13, with a volume of 223441 shares traded. The stock had previously closed at $114.52.

Analyst Ratings Changes

ROOT has been the subject of several recent research reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $90.00 price objective (up from $82.00) on shares of Root in a report on Tuesday, November 5th. Wells Fargo & Company boosted their price target on shares of Root from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, January 14th. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. UBS Group lifted their price objective on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Finally, Citizens Jmp lowered Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Six investment 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 company. According to data from MarketBeat, Root presently has an average rating of “Hold” and an average target price of $59.38.

Root Price Performance

The company has a market cap of $1.78 billion, a PE ratio of -96.06 and a beta of 2.58. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The stock’s 50-day moving average is $84.89 and its 200 day moving average is $65.67.

Insider Activity

In other news, Director Julie Szudarek sold 2,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now owns 15,003 shares in the company, valued at $1,445,238.99. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 11.71% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Root by 16.2% during the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after purchasing an additional 73,413 shares during the period. State Street Corp raised its position in Root by 0.3% during the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after buying an additional 444 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Root by 163.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock valued at $9,286,000 after acquiring an additional 79,317 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Root in the 4th quarter valued at $1,952,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Root by 36.0% in the fourth quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company’s stock worth $1,774,000 after acquiring an additional 6,465 shares during the period. Institutional investors and hedge funds 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.