Wells Fargo Thinks Root’s Stock is Going to Recover

By Austin Angelo

Wells Fargo analyst Elyse Greenspan maintained a Buy rating on Root (ROOTResearch Report) yesterday and set a price target of $27.00. The company’s shares closed last Tuesday at $17.00, close to its 52-week low of $16.59.

According to TipRanks.com, Greenspan is a 5-star analyst with an average return of 9.8% and a 64.1% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and United Insurance Holdings.

Root has an analyst consensus of Moderate Buy, with a price target consensus of $21.92, a 22.9% upside from current levels. In a report issued on November 23, Truist Financial also initiated coverage with a Buy rating on the stock with a $26.00 price target.

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Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ROOT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Root Inc develops and launches a direct-to-consumer personal automobile insurance and mobile technology company. It is a direct-to-consumer personal auto insurance, renters insurance and mobile technology company. The company offers renters insurance in Arkansas, Missouri, Ohio, Georgia, Kentucky, Nevada, Tennessee, and Utah, and auto insurance to drivers in Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and West Virginia. It generates revenue from the sale of auto insurance policies within the United States.