Robinhood Markets (NASDAQ:HOOD) Hits New 12-Month High – Still a Buy?

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $78.74 and last traded at $78.35, with a volume of 36067375 shares changing hands. The stock had previously closed at $74.95.

Wall Street Analysts Forecast Growth

HOOD has been the topic of several research analyst reports. Redburn Atlantic reissued a “sell” rating and set a $48.00 target price (up previously from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Robinhood Markets from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Cantor Fitzgerald lowered their price objective on shares of Robinhood Markets from $62.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. The Goldman Sachs Group raised their price objective on shares of Robinhood Markets from $81.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Robinhood Markets from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Robinhood Markets presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Robinhood Markets Stock Performance

The company has a market capitalization of $69.51 billion, a price-to-earnings ratio of 44.60, a P/E/G ratio of 4.62 and a beta of 2.25. The firm’s 50 day simple moving average is $59.90 and its 200-day simple moving average is $50.02.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate 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 return on equity of 15.42% and a net margin of 48.77%. The business’s quarterly revenue was up 50.0% on a year-over-year basis. During the same period last year, the business earned $0.18 EPS. As a group, equities analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Transactions at Robinhood Markets

In related news, CEO Vladimir Tenev sold 750,000 shares of the 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 filing with the SEC, which is available at this link. Also, Director Baiju Bhatt sold 47,023 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $46.37, for a total transaction of $2,180,456.51. Following the transaction, the director now directly owns 5,042 shares in the company, valued at approximately $233,797.54. The trade was a 90.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,421,593 shares of company stock valued at $133,064,692 over the last quarter. Company insiders own 14.47% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. MetLife Investment Management LLC boosted its holdings in Robinhood Markets by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company’s stock worth $440,000 after purchasing an additional 171 shares in the last quarter. Cigna Investments Inc. New raised its stake in shares of Robinhood Markets by 2.7% in the 1st quarter. Cigna Investments Inc. New now owns 6,730 shares of the company’s stock valued at $280,000 after acquiring an additional 174 shares in the last quarter. Hemington Wealth Management raised its stake in shares of Robinhood Markets by 52.2% in the 1st quarter. Hemington Wealth Management now owns 636 shares of the company’s stock valued at $26,000 after acquiring an additional 218 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in Robinhood Markets by 2.4% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 9,867 shares of the company’s stock worth $368,000 after purchasing an additional 233 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Robinhood Markets by 4.0% during the first quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company’s stock worth $290,000 after purchasing an additional 265 shares during the period. 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.