Shares of Root, Inc. (ROOT) plummeted 13.51% during Thursday's trading session, as investors reacted to a significant downward revision in the company's price target by a major financial firm. The sharp decline follows a 15.23% drop in the previous day's trading, indicating continued negative sentiment surrounding the stock.

Jefferies, a prominent investment bank and financial services company, cut its target price for Root Inc to $127 from the previous $138 on Wednesday. This reduction in the price target suggests that Jefferies analysts have become more cautious about the company's near-term prospects, triggering a wave of selling pressure on the stock. The market's strong reaction to this news underscores the substantial impact that analyst actions can have on investor sentiment, particularly for companies in dynamic sectors like insurance technology.

Despite Wells Fargo raising its target price for Root, Inc. from $89 to $96 on Thursday, it wasn't enough to offset the negative momentum. The continued decline in Root's stock price highlights the challenges faced by the company and the market's current pessimistic outlook. Investors and market participants will be closely watching for any further analyst comments or company updates that might provide more context to this substantial price movement and potentially reverse the downward trend.