Robinhood Markets (NASDAQ:HOOD) Upgraded by Truist Financial to Strong-Buy Rating

Robinhood Markets (NASDAQ:HOOD) was upgraded by analysts at Truist Financial to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities analysts have also weighed in on the stock. Citigroup boosted their price objective on shares of Robinhood Markets from $120.00 to $135.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Citizens Jmp boosted their price target on Robinhood Markets from $170.00 to $180.00 and gave the company a “market outperform” rating in a report on Friday, November 7th. Weiss Ratings restated a “hold (c)” rating on shares of Robinhood Markets in a report on Monday, December 8th. Piper Sandler reiterated an “overweight” rating on shares of Robinhood Markets in a research note on Wednesday, November 26th. Finally, The Goldman Sachs Group increased their target price on Robinhood Markets from $134.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $137.25.

Robinhood Markets Stock Performance

HOOD stock opened at $115.80 on Tuesday. The stock’s 50 day moving average price is $130.25 and its 200 day moving average price is $113.14. The firm has a market cap of $104.13 billion, a P/E ratio of 48.05, a PEG ratio of 2.40 and a beta of 2.43. Robinhood Markets has a 1 year low of $29.66 and a 1 year high of $153.86.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.20. Robinhood Markets had a return on equity of 21.74% and a net margin of 52.19%.The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the business posted $0.17 earnings per share. Robinhood Markets’s revenue was up 100.0% compared to the same quarter last year. On average, research analysts predict that Robinhood Markets will post 1.35 earnings per share for the current year.

Insider Transactions at Robinhood Markets

In other news, insider Steven M. Quirk sold 49,942 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $131.15, for a total value of $6,549,893.30. Following the completion of the sale, the insider owned 54,496 shares of the company’s stock, valued at $7,147,150.40. This represents a 47.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Baiju Bhatt sold 1,330,000 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $128.47, for a total transaction of $170,865,100.00. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 3,686,763 shares of company stock valued at $475,858,262. 14.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. grew its stake in shares of Robinhood Markets by 120.3% in the second quarter. Hantz Financial Services Inc. now owns 271 shares of the company’s stock valued at $25,000 after buying an additional 148 shares in the last quarter. Valley National Advisers Inc. lifted its position in shares of Robinhood Markets by 113.6% during the third quarter. Valley National Advisers Inc. now owns 188 shares of the company’s stock worth $26,000 after purchasing an additional 100 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in shares of Robinhood Markets by 107.6% in the third quarter. Golden State Wealth Management LLC now owns 191 shares of the company’s stock valued at $27,000 after purchasing an additional 99 shares during the period. Smithfield Trust Co acquired a new stake in Robinhood Markets during the 2nd quarter valued at $29,000. Finally, Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Robinhood Markets during the 3rd quarter worth $29,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

About Robinhood Markets

Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.