Robinhood Markets (NASDAQ:HOOD) Shares Up 4.7% – Here’s Why

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price shot up 4.7% during mid-day trading on Wednesday . The stock traded as high as $42.48 and last traded at $41.97. 19,948,785 shares were traded during mid-day trading, a decline of 3% from the average session volume of 20,648,750 shares. The stock had previously closed at $40.10.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HOOD. Citigroup raised their price objective on Robinhood Markets from $45.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. KeyCorp raised their price objective on Robinhood Markets from $57.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised their target price on Robinhood Markets from $39.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. JMP Securities raised their target price on Robinhood Markets from $60.00 to $77.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods raised their target price on Robinhood Markets from $38.00 to $60.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $61.29.

Robinhood Markets Stock Up 5.1 %

The firm has a market cap of $37.30 billion, a PE ratio of 26.71, a P/E/G ratio of 1.05 and a beta of 2.14. The firm has a 50-day moving average price of $48.86 and a two-hundred day moving average price of $36.90.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. Research analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Baiju Bhatt sold 522,180 shares of Robinhood Markets stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $62.70, for a total transaction of $32,740,686.00. Following the transaction, the director now owns 5,042 shares in the company, valued at approximately $316,133.40. This trade represents a 99.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $273,978.93. Following the transaction, the chief technology officer now owns 17,559 shares in the company, valued at approximately $821,936.79. The trade was a 25.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,985,127 shares of company stock worth $142,455,378 over the last quarter. 19.95% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently added to or reduced their stakes in the stock. New Wave Wealth Advisors LLC purchased a new stake in Robinhood Markets in the fourth quarter valued at $26,000. True Wealth Design LLC purchased a new stake in Robinhood Markets in the third quarter valued at $30,000. CoreCap Advisors LLC raised its position 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 purchasing an additional 550 shares during the period. Creative Financial Designs Inc. ADV raised its position in Robinhood Markets by 750.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock valued at $32,000 after purchasing an additional 750 shares during the period. Finally, Colonial Trust Co SC purchased a new stake in Robinhood Markets in the fourth quarter valued at $34,000. Hedge funds and other institutional investors 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.