Robinhood Markets (NASDAQ:HOOD) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Robinhood Markets (NASDAQ:HOOD) in a research report released on Tuesday morning,Benzinga reports. The firm currently has a $71.00 target price on the stock.

Several other equities research analysts also recently commented on the company. Piper Sandler boosted their target price on Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. boosted their price objective on shares of Robinhood Markets from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, May 1st. Barclays lowered their price target on Robinhood Markets from $76.00 to $45.00 and set an “overweight” rating on the stock in a report on Monday, April 7th. Raymond James assumed coverage on Robinhood Markets in a research report on Wednesday, February 5th. They set a “market perform” rating for the company. Finally, Morgan Stanley raised their price objective on shares of Robinhood Markets from $40.00 to $43.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 13th. 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, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus price target of $55.41.

Robinhood Markets Stock Performance

HOOD stock opened at $63.95 on Tuesday. The firm has a market cap of $56.63 billion, a P/E ratio of 40.73, a P/E/G ratio of 1.05 and a beta of 2.15. The firm’s fifty day moving average is $49.34 and its 200 day moving average is $45.83. Robinhood Markets has a 52 week low of $13.98 and a 52 week high of $67.13.

Robinhood Markets (NASDAQ:HOOD) last posted 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). Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The firm had revenue of $927.00 million for the quarter, compared to analysts’ expectations of $917.12 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was up 50.0% on a year-over-year basis. As a group, analysts forecast that Robinhood Markets will post 1.35 EPS for the current year.

Insiders Place Their Bets

In related 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 completion of the sale, the director now owns 7,863 shares of the company’s stock, valued at $506,848.98. This represents a 98.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of Robinhood Markets stock in a transaction on Monday, April 7th. The stock was sold at an average price of $34.51, for a total transaction of $201,987.03. Following the completion of the transaction, the chief technology officer now directly owns 5,853 shares in the company, valued at $201,987.03. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,127,737 shares of company stock worth $103,819,478. 14.47% of the stock is owned by corporate insiders.

Institutional Trading of Robinhood Markets

A number of institutional investors have recently made changes to their positions in the business. Whipplewood Advisors LLC lifted its position in Robinhood Markets by 564.4% during the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company’s stock worth $25,000 after acquiring an additional 508 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in Robinhood Markets in the fourth quarter valued at approximately $26,000. Hemington Wealth Management increased its position in shares of 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 in the last quarter. Wayfinding Financial LLC purchased a new stake in Robinhood Markets in the 1st quarter worth $30,000. Finally, CoreCap Advisors LLC boosted its holdings in Robinhood Markets by 191.6% in the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock worth $31,000 after buying an additional 550 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.