Robinhood Markets (NASDAQ:HOOD) Trading 4.2% Higher on Analyst Upgrade

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) shot up 4.2% during trading on Monday 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 $138.99 and last traded at $135.88. 30,624,068 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 40,368,770 shares. The stock had previously closed at $130.36.

Several other research analysts have also issued reports on HOOD. CICC Research started coverage on Robinhood Markets in a research report on Monday, October 27th. They set an “outperform” rating and a $155.00 target price for the company. Loop Capital set a $161.00 target price on shares of Robinhood Markets in a research report on Monday, October 27th. KeyCorp upped their price objective on shares of Robinhood Markets from $135.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Cantor Fitzgerald raised their target price on Robinhood Markets from $130.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Citigroup raised their price objective on shares of Robinhood Markets from $120.00 to $135.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Fourteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.65.

Insiders Place Their Bets

In related news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total value of $104,797,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Meyer Malka sold 1,093,288 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $103.87, for a total value of $113,559,824.56. Following the sale, the director directly owned 3,976,234 shares in the company, valued at approximately $413,011,425.58. This represents a 21.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 3,385,742 shares of company stock worth $403,923,453 in the last three months. Corporate insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. North Star Investment Management Corp. lifted its stake in shares of Robinhood Markets by 44.9% in the 3rd quarter. North Star Investment Management Corp. now owns 255 shares of the company’s stock valued at $37,000 after purchasing an additional 79 shares during the last quarter. First Command Advisory Services Inc. raised its position in Robinhood Markets by 33.8% in the 3rd quarter. First Command Advisory Services Inc. now owns 321 shares of the company’s stock worth $46,000 after purchasing an additional 81 shares during the period. CogentBlue Wealth Advisors LLC boosted its position in shares of Robinhood Markets by 3.8% during the third quarter. CogentBlue Wealth Advisors LLC now owns 2,391 shares of the company’s stock valued at $342,000 after buying an additional 87 shares during the period. ORG Partners LLC boosted its stake in shares of Robinhood Markets by 5.5% during the third quarter. ORG Partners LLC now owns 1,876 shares of the company’s stock valued at $269,000 after purchasing an additional 97 shares during the period. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Robinhood Markets by 107.6% in the third quarter. Golden State Wealth Management LLC now owns 191 shares of the company’s stock valued at $27,000 after purchasing an additional 99 shares during the period. 93.27% of the stock is currently owned by institutional investors.

Robinhood Markets Stock Up 4.2%

The company has a market capitalization of $120.75 billion, a PE ratio of 56.38, a price-to-earnings-growth ratio of 3.05 and a beta of 2.42. The stock’s 50 day moving average is $130.11 and its two-hundred day moving average is $100.33.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.20. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Robinhood Markets had a return on equity of 22.13% and a net margin of 52.19%.The firm’s quarterly revenue was up 100.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 EPS. On average, sell-side analysts predict 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.