JMP Securities Lowers Robinhood Markets (NASDAQ:HOOD) Price Target to $70.00

Robinhood Markets (NASDAQ:HOOD) had its target price reduced by JMP Securities from $77.00 to $70.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ target price points to a potential upside of 65.84% from the company’s previous close.

A number of other analysts have also weighed in on the stock. Needham & Company LLC decreased their target price on shares of Robinhood Markets from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Morgan Stanley cut shares of Robinhood Markets from an “overweight” rating to an “equal weight” rating and set a $40.00 price target on the stock. in a report on Tuesday. Barclays dropped their price objective on Robinhood Markets from $76.00 to $45.00 and set an “overweight” rating for the company in a research note on Monday. Mizuho upped their target price on Robinhood Markets from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, Cantor Fitzgerald assumed coverage on Robinhood Markets in a research report on Thursday, March 6th. They set an “overweight” rating and a $69.00 price target for the company. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.06.

Robinhood Markets Price Performance

Shares of HOOD stock opened at $42.21 on Tuesday. Robinhood Markets has a 1 year low of $13.98 and a 1 year high of $66.91. The company’s fifty day simple moving average is $46.85 and its two-hundred day simple moving average is $39.23. The stock has a market capitalization of $37.38 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 1.05 and a beta of 2.17.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. Equities research analysts anticipate that Robinhood Markets will post 1.35 EPS for the current year.

Insider Activity

In related news, CEO Vladimir Tenev sold 500,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $50.77, for a total transaction of $25,385,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven M. Quirk sold 123,272 shares of Robinhood Markets stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $55.80, for a total value of $6,878,577.60. Following the completion of the transaction, the insider now directly owns 298,826 shares in the company, valued at $16,674,490.80. This trade represents a 29.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,651,987 shares of company stock valued at $132,806,233. 19.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Merit Financial Group LLC increased its position in shares of Robinhood Markets by 31.7% in the first quarter. Merit Financial Group LLC now owns 23,625 shares of the company’s stock valued at $983,000 after acquiring an additional 5,686 shares during the period. Harbor Investment Advisory LLC grew its stake in shares of Robinhood Markets by 88.8% in the first quarter. Harbor Investment Advisory LLC now owns 14,345 shares of the company’s stock worth $597,000 after purchasing an additional 6,745 shares during the last quarter. NBC Securities Inc. increased its holdings in Robinhood Markets by 155,600.0% during the 1st quarter. NBC Securities Inc. now owns 1,557 shares of the company’s stock valued at $64,000 after purchasing an additional 1,556 shares during the period. Fiduciary Alliance LLC bought a new position in Robinhood Markets during the 1st quarter valued at approximately $2,177,000. Finally, Gunderson Capital Management Inc. bought a new position in Robinhood Markets during the 1st quarter valued at approximately $4,720,000. 93.27% of the stock is currently owned by institutional investors.

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.