Zacks: Brokerages Expect Root, Inc. (NASDAQ:ROOT) to Post -$0.39 EPS

Equities analysts forecast that Root, Inc. (NASDAQ:ROOT – Get Rating) will announce ($0.39) earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Root’s earnings, with the lowest EPS estimate coming in at ($0.39) and the highest estimate coming in at ($0.38). Root posted earnings of ($0.72) per share in the same quarter last year, which suggests a positive year-over-year growth rate of 45.8%. The business is scheduled to report its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Root will report full year earnings of ($1.40) per share for the current fiscal year, with EPS estimates ranging from ($1.55) to ($1.04). For the next fiscal year, analysts forecast that the business will report earnings of ($0.99) per share, with EPS estimates ranging from ($1.16) to ($0.76). Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that cover Root.

Root (NASDAQ:ROOT – Get Rating) last posted its quarterly earnings data on Wednesday, February 23rd. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. The company had revenue of $93.20 million for the quarter, compared to the consensus estimate of $73.60 million.

A number of analysts recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of Root from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 4th. Zacks Investment Research raised shares of Root from a “hold” rating to a “buy” rating and set a $1.75 target price on the stock in a research note on Wednesday. Barclays lowered their target price on shares of Root from $3.00 to $1.50 and set an “underweight” rating on the stock in a research note on Monday, February 28th. Morgan Stanley lowered their target price on shares of Root from $7.00 to $2.07 and set an “equal weight” rating on the stock in a research note on Thursday, March 3rd. Finally, UBS Group lowered their target price on shares of Root from $6.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, February 28th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Root presently has a consensus rating of “Hold” and an average price target of $5.33.

Shares of NASDAQ:ROOT traded up $0.02 on Friday, hitting $1.93. 5,083,552 shares of the company were exchanged, compared to its average volume of 2,485,304. The company’s 50 day moving average price is $1.79 and its two-hundred day moving average price is $2.87. Root has a one year low of $1.30 and a one year high of $14.70. The firm has a market capitalization of $490.22 million, a price-to-earnings ratio of -0.97 and a beta of -0.14.

In other Root news, Director Lawrence A. Hilsheimer acquired 28,735 shares of the business’s stock in a transaction that occurred on Tuesday, March 1st. The shares were acquired at an average cost of $1.75 per share, for a total transaction of $50,286.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel H. Rosenthal acquired 100,000 shares of the business’s stock in a transaction that occurred on Monday, March 14th. The stock was acquired at an average price of $1.52 per share, for a total transaction of $152,000.00. The disclosure for this purchase can be found here. 54.41% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ROOT. Ribbit Capital GP IV Ltd. acquired a new position in Root in the fourth quarter valued at approximately $91,411,000. Schusterman Interests LLC acquired a new position in Root in the fourth quarter valued at approximately $27,125,000. Renaissance Technologies LLC acquired a new position in Root in the fourth quarter valued at approximately $13,714,000. Millennium Management LLC raised its holdings in Root by 3,807.3% in the fourth quarter. Millennium Management LLC now owns 4,013,645 shares of the company’s stock worth $12,442,000 after purchasing an additional 3,910,924 shares during the period. Finally, Ensign Peak Advisors Inc acquired a new stake in Root in the fourth quarter worth $4,181,000. Institutional investors and hedge funds own 34.34% of the company’s stock.

About Root (Get Rating)

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.

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