Robinhood Markets (NASDAQ:HOOD) Given New $71.00 Price Target at Needham & Company LLC

Robinhood Markets (NASDAQ:HOOD) had its target price hoisted by Needham & Company LLC from $58.00 to $71.00 in a research note released on Wednesday morning, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

HOOD has been the topic of several other reports. Wolfe Research lowered Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. increased their price objective on Robinhood Markets from $44.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Citigroup reduced their price target on Robinhood Markets from $60.00 to $50.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. Morgan Stanley raised their price target on Robinhood Markets from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Compass Point initiated coverage on Robinhood Markets in a research report on Wednesday, March 19th. They set a “buy” rating and a $61.00 price target on the stock. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Robinhood Markets has a consensus rating of “Moderate Buy” and a consensus price target of $55.41.

Robinhood Markets Stock Down 1.9%

NASDAQ:HOOD opened at $61.39 on Wednesday. The stock has a market cap of $54.36 billion, a P/E ratio of 39.10, a PEG ratio of 1.05 and a beta of 2.15. The business’s 50-day moving average price is $44.26 and its two-hundred day moving average price is $43.08. Robinhood Markets has a twelve month low of $13.98 and a twelve month high of $66.91.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). The firm had revenue of $927.00 million for the quarter, compared to the consensus estimate of $917.12 million. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. Robinhood Markets’s revenue for the quarter was up 50.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 earnings per share. On average, equities research analysts expect that Robinhood Markets will post 1.35 EPS for the current fiscal year.

Insider Activity at Robinhood Markets

In related news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $46.81, for a total transaction of $273,978.93. Following the sale, the chief technology officer now directly owns 17,559 shares in the company, valued at $821,936.79. The trade was a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total value of $31,470,000.00. The disclosure for this sale can be found here. Insiders have sold 1,840,014 shares of company stock worth $83,494,057 over the last ninety days. 14.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Robinhood Markets

Several hedge funds have recently made changes to their positions in HOOD. Whipplewood Advisors LLC boosted its holdings in Robinhood Markets by 564.4% in the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company’s stock worth $25,000 after acquiring an additional 508 shares in the last quarter. New Wave Wealth Advisors LLC bought a new stake in Robinhood Markets in the fourth quarter worth $26,000. Hemington Wealth Management boosted its holdings in Robinhood Markets by 52.2% in the first quarter. Hemington Wealth Management now owns 636 shares of the company’s stock worth $26,000 after acquiring an additional 218 shares in the last quarter. Wayfinding Financial LLC bought a new stake in Robinhood Markets in the first quarter worth $30,000. Finally, CoreCap Advisors LLC boosted its holdings in Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock worth $31,000 after acquiring an additional 550 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

Robinhood Markets Company Profile

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.