Why Shares of Root Are Falling Today
Shares of the insurtech company Root (NASDAQ: ROOT) had fallen nearly 10% as of 3:12 p.m. EST after an analyst at Barclays downgraded the company and assigned the stock a new price target.
Barclays analyst Tracy Benguigui demoted Root from an equal-weight rating to an underweight rating, meaning she expects shares to underperform the industry as a whole. Benguigi also cut her price target on Root from $5 per share to $3 per share, implying a downside of roughly 40% from its current stock price.
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Source Fool.com
