Needham & Company LLC Issues Pessimistic Forecast for Robinhood Markets (NASDAQ:HOOD) Stock Price

Robinhood Markets (NASDAQ:HOOD) had its price target dropped by stock analysts at Needham & Company LLC from $62.00 to $58.00 in a report issued on Thursday, MarketBeat reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 19.37% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the stock. Wolfe Research cut shares of Robinhood Markets from an “outperform” rating to a “peer perform” rating in a report on Tuesday, February 18th. Raymond James assumed coverage on Robinhood Markets in a research note on Wednesday, February 5th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. upped their price objective on Robinhood Markets from $39.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft dropped their target price on Robinhood Markets from $75.00 to $61.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $60.00 price target on shares of Robinhood Markets in a research report on Thursday, March 27th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.24.

Robinhood Markets Price Performance

HOOD stock opened at $48.59 on Thursday. The stock has a market capitalization of $43.02 billion, a P/E ratio of 30.95, a P/E/G ratio of 1.05 and a beta of 2.17. Robinhood Markets has a 1-year low of $13.98 and a 1-year high of $66.91. The business has a fifty day moving average price of $43.08 and a 200-day moving average price of $41.56.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share 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 analysts’ expectations of $917.12 million. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. Robinhood Markets’s quarterly revenue was up 50.0% compared to the same quarter last year. During the same period last year, the firm posted $0.18 EPS. As a group, analysts anticipate that Robinhood Markets will post 1.35 earnings per share for the current year.

Insider Transactions at Robinhood Markets

In related news, CEO Vladimir Tenev sold 750,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $41.96, for a total value of $31,470,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were 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 of the company’s stock, valued at approximately $821,936.79. This trade represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,334,593 shares of company stock valued at $114,815,021 over the last three months. Corporate insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors have recently bought and sold shares of HOOD. Whipplewood Advisors LLC boosted its holdings in shares of Robinhood Markets by 564.4% during 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. New Wave Wealth Advisors LLC purchased a new stake in shares of Robinhood Markets in the fourth quarter worth about $26,000. Wayfinding Financial LLC purchased a new stake in shares of Robinhood Markets in the first quarter worth about $30,000. CoreCap Advisors LLC boosted its stake in Robinhood Markets by 191.6% during 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 during the last quarter. Finally, Creative Financial Designs Inc. ADV grew 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 valued at $32,000 after buying an additional 750 shares in the last quarter. 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.