Roots Shares Rise 0.3% as Analysts Upgrade Stock to “Buy”

Shares of Roots Co. (TSE:ROOT) experienced a modest increase of 0.3% during mid-day trading on Friday, reaching a price of C$3.30. In total, 3,209 shares changed hands, a significant decline of 60% compared to the average trading volume of 8,090 shares. The stock had closed at C$3.29 in the previous session.

Market analysts are optimistic about the stock’s potential for growth. In a report issued on September 11, 2023, TD Securities raised its price target for Roots from C$3.75 to C$4.00 while assigning the stock a “buy” rating. Currently, one investment analyst has rated Roots with a Buy designation. According to data from MarketBeat, the stock has an overall average rating of “Buy” with a target price of C$4.00.

Recent Performance and Financial Overview

Roots recently released its quarterly earnings data on September 10, 2023. The company reported earnings per share (EPS) of C($0.11) for the quarter. Despite this, Roots demonstrated a net margin of 1.11% and a return on equity of 1.58%. The company generated revenues of C$50.77 million during this period.

Equities analysts anticipate that Roots Co. will post an EPS of 0.29 for the current fiscal year, reflecting an optimistic outlook for the company’s performance.

Roots Corp specializes in a diverse range of products, including apparel, leather goods, accessories, and footwear for men, women, and children under the Roots brand. Their offerings include genuine leather items such as jackets, bags, and luggage, as well as clothing for children and infants, along with leather and linen accessories.

As Roots continues to navigate the competitive retail landscape, investors are closely monitoring the company’s performance metrics and analyst ratings for further insights into its growth potential.