Robinhood Markets (NASDAQ:HOOD) Shares Up 1.7% – What’s Next?

Robinhood Markets, Inc. (NASDAQ:HOOD) shot up 1.7% during mid-day trading on Friday . The stock traded as high as $61.90 and last traded at $61.72. 9,236,957 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 26,322,625 shares. The stock had previously closed at $60.68.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on HOOD. The Goldman Sachs Group raised their price target on Robinhood Markets from $56.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday. KeyCorp cut their price target on Robinhood Markets from $75.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Deutsche Bank Aktiengesellschaft raised their price target on Robinhood Markets from $54.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday. Piper Sandler raised their price target on Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Finally, Citigroup cut their price target on Robinhood Markets from $60.00 to $50.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Six 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 an average rating of “Moderate Buy” and an average target price of $55.41.

Robinhood Markets Trading Up 1.8%

The company has a market capitalization of $54.69 billion, a price-to-earnings ratio of 39.34, a PEG ratio of 1.05 and a beta of 2.15. The firm has a 50-day moving average price of $45.27 and a 200-day moving average price of $43.65.

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

Insider Activity

In related news, insider Daniel Martin Gallagher, Jr. sold 50,000 shares of Robinhood Markets stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $60.77, for a total value of $3,038,500.00. Following the transaction, the insider now directly owns 706,642 shares in the company, valued at $42,942,634.34. The trade was a 6.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Baiju Bhatt sold 223,528 shares of Robinhood Markets stock in a transaction on Friday, March 21st. The stock was sold at an average price of $43.21, for a total value of $9,658,644.88. Following the completion of the transaction, the director now owns 5,042 shares in the company, valued at $217,864.82. The trade was a 97.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,947,622 shares of company stock worth $89,994,656. 14.47% of the stock is owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Robinhood Markets by 8.6% in the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company’s stock worth $3,089,914,000 after acquiring an additional 5,874,701 shares during the last quarter. FMR LLC boosted its position in shares of Robinhood Markets by 184.8% in the fourth quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after buying an additional 26,107,934 shares during the period. Newlands Management Operations LLC boosted its position in shares of Robinhood Markets by 1.1% in the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company’s stock worth $900,159,000 after buying an additional 273,860 shares during the period. Geode Capital Management LLC boosted its position in shares of Robinhood Markets by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock worth $455,464,000 after buying an additional 555,299 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Robinhood Markets by 34.4% in the fourth quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company’s stock worth $450,031,000 after buying an additional 3,091,514 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.