Robinhood Markets (NASDAQ:HOOD) Trading Up 2.6% Following Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price was up 2.6% during trading on Friday after Citizens Jmp raised their price target on the stock from $170.00 to $180.00. Citizens Jmp currently has a market outperform rating on the stock. Robinhood Markets traded as high as $132.20 and last traded at $130.36. Approximately 44,123,587 shares traded hands during mid-day trading, an increase of 9% from the average daily volume of 40,411,430 shares. The stock had previously closed at $127.08.

A number of other brokerages also recently issued reports on HOOD. Weiss Ratings restated a “hold (c)” rating on shares of Robinhood Markets in a research report on Wednesday, October 8th. Needham & Company LLC increased their target price on shares of Robinhood Markets from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Mizuho lifted their price target on shares of Robinhood Markets from $145.00 to $172.00 and gave the stock an “outperform” rating in a research note on Thursday. Keefe, Bruyette & Woods upped their price target on shares of Robinhood Markets from $121.00 to $135.00 and gave the company a “market perform” rating in a report on Thursday. Finally, Compass Point reissued a “buy” rating on shares of Robinhood Markets in a research report on Monday, October 27th. Fourteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.65.

Insiders Place Their Bets

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total transaction of $104,797,500.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steven M. Quirk sold 48,350 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $140.61, for a total transaction of $6,798,493.50. Following the completion of the sale, the insider owned 70,279 shares of the company’s stock, valued at approximately $9,881,930.19. This represents a 40.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 3,385,742 shares of company stock worth $403,923,453. 14.47% of the stock is owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Large investors have recently bought and sold shares of the business. Hantz Financial Services Inc. grew its position in Robinhood Markets by 120.3% during the 2nd quarter. Hantz Financial Services Inc. now owns 271 shares of the company’s stock worth $25,000 after purchasing an additional 148 shares during the last quarter. Hemington Wealth Management grew its holdings in shares of Robinhood Markets by 52.2% during 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 during the last quarter. Valley National Advisers Inc. grew its holdings in shares of Robinhood Markets by 113.6% during the third quarter. Valley National Advisers Inc. now owns 188 shares of the company’s stock valued at $26,000 after buying an additional 100 shares during the last quarter. Golden State Wealth Management LLC increased its position in shares of Robinhood Markets by 107.6% in the 3rd quarter. Golden State Wealth Management LLC now owns 191 shares of the company’s stock valued at $27,000 after acquiring an additional 99 shares during the period. Finally, Smithfield Trust Co purchased a new position in Robinhood Markets in the 2nd quarter worth $29,000. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Trading Up 2.6%

The stock has a 50-day simple moving average of $129.58 and a 200 day simple moving average of $98.91. The company has a market cap of $115.85 billion, a price-to-earnings ratio of 54.09, a PEG ratio of 3.70 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.20. Robinhood Markets had a return on equity of 22.13% and a net margin of 52.19%.The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 100.0% compared to the same quarter last year. As a group, research analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

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.