Robinhood Markets (NASDAQ:HOOD) Shares Up 10.9% – What’s Next?

Robinhood Markets, Inc. (NASDAQ:HOOD) shares shot up 10.9% during trading on Wednesday . The stock traded as high as $128.90 and last traded at $128.20. 46,893,221 shares changed hands during trading, an increase of 17% from the average session volume of 39,931,449 shares. The stock had previously closed at $115.57.

Analyst Ratings Changes

Several research analysts recently weighed in on HOOD shares. Bank of America boosted their price objective on shares of Robinhood Markets from $139.00 to $157.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Mizuho upped their target price on shares of Robinhood Markets from $145.00 to $172.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Robinhood Markets in a research note on Wednesday, November 19th. Piper Sandler reissued an “overweight” rating on shares of Robinhood Markets in a research note on Wednesday. Finally, Zacks Research cut shares of Robinhood Markets from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 30th. Fourteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.95.

Robinhood Markets Trading Up 10.9%

The firm has a market cap of $115.28 billion, a P/E ratio of 53.20, a price-to-earnings-growth ratio of 2.58 and a beta of 2.42. The firm’s 50 day moving average is $132.29 and its two-hundred day moving average is $106.26.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.41 by $0.20. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm earned $0.17 earnings per share. The business’s quarterly revenue was up 100.0% on a year-over-year basis. Analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Activity

In other news, insider Steven M. Quirk sold 60,113 shares of Robinhood Markets stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $100.91, for a total transaction of $6,066,002.83. Following the transaction, the insider owned 94,454 shares in the company, valued at $9,531,353.14. The trade was a 38.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total value of $104,797,500.00. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 5,053,560 shares of company stock valued at $618,173,018. Company insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Robinhood Markets by 24.9% in the third quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock worth $13,521,497,000 after purchasing an additional 18,824,923 shares in the last quarter. State Street Corp increased its stake in Robinhood Markets by 103.2% in the 3rd quarter. State Street Corp now owns 32,246,155 shares of the company’s stock valued at $4,617,004,000 after buying an additional 16,375,734 shares during the last quarter. WCM Investment Management LLC boosted its stake in shares of Robinhood Markets by 3,615.7% during the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock worth $1,081,910,000 after buying an additional 11,244,182 shares during the last quarter. Norges Bank acquired a new position in shares of Robinhood Markets during the 2nd quarter worth about $973,122,000. Finally, Kingstone Capital Partners Texas LLC bought a new position in shares of Robinhood Markets in the 2nd quarter valued at about $951,479,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.