Robinhood Markets (NASDAQ:HOOD) Stock Price Up 2.8% After Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) shares rose 2.8% on Monday after Piper Sandler raised their price target on the stock from $70.00 to $110.00. Piper Sandler currently has an overweight rating on the stock. Robinhood Markets traded as high as $101.89 and last traded at $101.14. Approximately 20,259,418 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 30,314,160 shares. The stock had previously closed at $98.34.

Several other research firms have also recently commented on HOOD. Redburn Atlantic reissued a “sell” rating and set a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Deutsche Bank Aktiengesellschaft upped their price objective on Robinhood Markets from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Morgan Stanley lifted their target price on Robinhood Markets from $43.00 to $110.00 and gave the company an “equal weight” rating in a research note on Tuesday. Mizuho upped their price target on Robinhood Markets from $80.00 to $99.00 and gave the company an “outperform” rating in a research note on Tuesday, July 1st. Finally, The Goldman Sachs Group raised their price target on Robinhood Markets from $91.00 to $104.00 and gave the company a “buy” rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Robinhood Markets has a consensus rating of “Moderate Buy” and a consensus target price of $85.29.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 114,175 shares of Robinhood Markets stock in a transaction on Monday, July 14th. The shares were sold at an average price of $101.65, for a total transaction of $11,605,888.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the company’s stock in a transaction on Monday, July 7th. The shares were sold at an average price of $93.51, for a total transaction of $548,342.64. Following the completion of the sale, the chief technology officer owned 8,908 shares of the company’s stock, valued at approximately $832,987.08. This represents a 39.70% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,364,145 shares of company stock valued at $181,837,741. Corporate insiders own 19.95% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

A number of hedge funds have recently modified their holdings of HOOD. Whipplewood Advisors LLC grew its position in shares of Robinhood Markets by 564.4% in the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company’s stock valued at $25,000 after purchasing an additional 508 shares during the period. Hemington Wealth Management lifted its stake in Robinhood Markets by 52.2% in 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 in the last quarter. Wayfinding Financial LLC bought a new position in Robinhood Markets in the first quarter valued at approximately $30,000. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Robinhood Markets in the second quarter valued at approximately $74,000. Finally, Pandora Wealth Inc. bought a new stake in shares of Robinhood Markets during the first quarter worth $33,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Stock Down 0.4%

The firm has a market capitalization of $88.14 billion, a price-to-earnings ratio of 56.56, a price-to-earnings-growth ratio of 5.30 and a beta of 2.36. The business’s fifty day moving average is $75.53 and its 200 day moving average is $56.26.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.04). The firm had revenue of $927.00 million for the quarter, compared to the consensus estimate of $917.12 million. Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. Robinhood Markets’s revenue for the quarter was up 50.0% on a year-over-year basis. During the same quarter last year, the company posted $0.18 EPS. Equities research analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Robinhood Markets Company Profile

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.