Jefferies Upgrades Root (ROOT)
Fintel reports that on March 1, 2024, Jefferies upgraded their outlook for Root (NasdaqGS:ROOT) from Hold to Buy .
Analyst Price Forecast Suggests 69.74% Downside
As of February 24, 2024, the average one-year price target for Root is 11.86. The forecasts range from a low of 10.10 to a high of $15.75. The average price target represents a decrease of 69.74% from its latest reported closing price of 39.19.
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The projected annual revenue for Root is 308MM, a decrease of 32.30%. The projected annual non-GAAP EPS is -11.77.
What is the Fund Sentiment?
There are 99 funds or institutions reporting positions in Root. This is a decrease of 17 owner(s) or 14.66% in the last quarter. Average portfolio weight of all funds dedicated to ROOT is 0.14%, a decrease of 18.11%. Total shares owned by institutions increased in the last three months by 29.64% to 7,700K shares. 
The put/call ratio of ROOT is 1.18, indicating a bearish outlook.
What are Other Shareholders Doing?
Ribbit Management Company holds 1,681K shares representing 11.60% ownership of the company.
Ribbit Capital GP IV holds 1,638K shares representing 11.30% ownership of the company. No change in the last quarter.
Svb Financial Group holds 783K shares representing 5.40% ownership of the company. No change in the last quarter.
Cannell Capital holds 717K shares representing 4.95% ownership of the company. In it's prior filing, the firm reported owning 294K shares, representing an increase of 59.01%. The firm increased its portfolio allocation in ROOT by 150.45% over the last quarter.
Schusterman Interests holds 486K shares representing 3.35% ownership of the company. No change in the last quarter.
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This story originally appeared on Fintel.