Robinhood Markets (NASDAQ:HOOD) Shares Up 2.8% After Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price rose 2.8% during trading on Monday after JMP Securities raised their price target on the stock from $70.00 to $125.00. JMP Securities currently has a market outperform rating on the stock. Robinhood Markets traded as high as $101.89 and last traded at $101.14. Approximately 20,259,418 shares changed hands during trading, a decline of 33% from the average daily volume of 30,314,160 shares. The stock had previously closed at $98.34.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. lifted their price target on Robinhood Markets from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Morgan Stanley upped their price objective on Robinhood Markets from $40.00 to $43.00 and gave the company an “equal weight” rating in a report on Tuesday, May 13th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $60.00 target price on shares of Robinhood Markets in a research note on Thursday, March 27th. Mizuho lifted their target price on Robinhood Markets from $80.00 to $99.00 and gave the company an “outperform” rating in a research report on Tuesday, July 1st. Finally, Citigroup raised their price objective on Robinhood Markets from $50.00 to $100.00 and gave the stock a “neutral” rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $79.29.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $64.46, for a total transaction of $26,966,067.48. Following the sale, the director directly owned 7,863 shares in the company, valued at $506,848.98. This represents a 98.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven M. Quirk sold 104,887 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total transaction of $7,356,774.18. Following the completion of the transaction, the insider directly owned 228,621 shares of the company’s stock, valued at $16,035,476.94. This represents a 31.45% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,472,702 shares of company stock worth $179,396,832. Corporate insiders own 14.47% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Whipplewood Advisors LLC increased its position in shares of Robinhood Markets by 564.4% in the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company’s stock valued at $25,000 after purchasing an additional 508 shares during the last quarter. Hemington Wealth Management increased its holdings in Robinhood Markets by 52.2% in the first quarter. Hemington Wealth Management now owns 636 shares of the company’s stock valued at $26,000 after buying an additional 218 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in Robinhood Markets in the first quarter valued at $30,000. CoreCap Advisors LLC raised its stake in Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock valued at $31,000 after buying an additional 550 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its holdings in Robinhood Markets by 750.0% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock worth $32,000 after buying an additional 750 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Stock Performance

The firm has a market capitalization of $88.93 billion, a price-to-earnings ratio of 57.13, a PEG ratio of 5.25 and a beta of 2.36. The company has a 50-day moving average price of $73.48 and a 200-day moving average price of $55.53.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.04). The business had revenue of $927.00 million during the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a net margin of 48.77% and a return on equity of 15.42%. The business’s revenue for the quarter was up 50.0% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. On average, research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

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.