Morgan Stanley Forecasts Strong Price Appreciation for Robinhood Markets (NASDAQ:HOOD) Stock

Robinhood Markets (NASDAQ:HOOD) had its target price hoisted by analysts at Morgan Stanley from $146.00 to $147.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 20.67% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. JMP Securities boosted their target price on Robinhood Markets from $130.00 to $170.00 and gave the stock a “market outperform” rating in a report on Thursday, October 9th. Bank of America reduced their price objective on shares of Robinhood Markets from $166.00 to $154.00 and set a “buy” rating for the company in a research note on Wednesday, December 10th. Truist Financial assumed coverage on shares of Robinhood Markets in a report on Wednesday, December 17th. They set a “buy” rating and a $155.00 price objective for the company. Keefe, Bruyette & Woods lifted their target price on shares of Robinhood Markets from $121.00 to $135.00 and gave the stock a “market perform” rating in a report on Thursday, November 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $145.00 price target on shares of Robinhood Markets in a report on Friday, December 5th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Robinhood Markets currently has an average rating of “Moderate Buy” and a consensus price target of $137.30.

Robinhood Markets Price Performance

NASDAQ:HOOD traded up $0.47 during mid-day trading on Monday, reaching $121.82. The stock had a trading volume of 9,950,976 shares, compared to its average volume of 38,876,516. The stock has a market cap of $109.54 billion, a P/E ratio of 50.60, a PEG ratio of 2.40 and a beta of 2.43. The business’s 50 day moving average is $129.19 and its 200 day moving average is $114.12. Robinhood Markets has a fifty-two week low of $29.66 and a fifty-two week high of $153.86.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.20. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $0.17 EPS. Robinhood Markets’s revenue for the quarter was up 100.0% on a year-over-year basis. Equities analysts expect that Robinhood Markets will post 1.35 EPS for the current year.

Insider Buying and Selling at Robinhood Markets

In related news, Director Baiju Bhatt sold 1,330,000 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $128.47, for a total transaction of $170,865,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven M. Quirk sold 49,942 shares of the company’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $131.15, for a total value of $6,549,893.30. Following the completion of the sale, the insider owned 54,496 shares in the company, valued at $7,147,150.40. This trade represents a 47.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 3,680,899 shares of company stock worth $475,130,364. Corporate insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Robinhood Markets by 24.9% during the third quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock worth $13,521,497,000 after purchasing an additional 18,824,923 shares in the last quarter. State Street Corp boosted its holdings in Robinhood Markets by 103.2% in the third quarter. State Street Corp now owns 32,246,155 shares of the company’s stock valued at $4,617,004,000 after acquiring an additional 16,375,734 shares during the last quarter. Geode Capital Management LLC increased its position in Robinhood Markets by 4.0% in the second quarter. Geode Capital Management LLC now owns 13,176,539 shares of the company’s stock worth $1,233,840,000 after purchasing an additional 507,926 shares during the period. WCM Investment Management LLC raised its holdings in Robinhood Markets by 3,615.7% during the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock worth $1,081,910,000 after purchasing an additional 11,244,182 shares during the last quarter. Finally, Norges Bank acquired a new position in Robinhood Markets during the 2nd quarter valued at about $973,122,000. 93.27% of the stock is owned by institutional investors.

About Robinhood Markets

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.