Robinhood Markets (NASDAQ:HOOD) Hits New 12-Month High on Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price reached a new 52-week high on Monday after Piper Sandler raised their price target on the stock from $30.00 to $36.00. Piper Sandler currently has an overweight rating on the stock. Robinhood Markets traded as high as $34.92 and last traded at $34.79, with a volume of 13661611 shares trading hands. The stock had previously closed at $32.32.

Other analysts have also recently issued reports about the stock. Needham & Company LLC upgraded shares of Robinhood Markets from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Monday. JMP Securities lifted their target price on shares of Robinhood Markets from $33.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Tuesday, November 12th. The Goldman Sachs Group decreased their target price on shares of Robinhood Markets from $25.00 to $22.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Citigroup raised their price target on shares of Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, September 27th. Finally, Barclays raised their price target on shares of Robinhood Markets from $23.00 to $26.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.34.

Insiders Place Their Bets

In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.26, for a total value of $4,815,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jason Warnick sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $20.96, for a total transaction of $524,000.00. Following the transaction, the chief financial officer now directly owns 1,077,162 shares of the company’s stock, valued at $22,577,315.52. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,710,549 shares of company stock valued at $115,477,194. Insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Robinhood Markets by 1.8% during the first quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock valued at $1,143,960,000 after buying an additional 1,003,535 shares during the period. FMR LLC grew its position in shares of Robinhood Markets by 31.3% during the third quarter. FMR LLC now owns 14,129,544 shares of the company’s stock valued at $330,914,000 after purchasing an additional 3,368,118 shares in the last quarter. State Street Corp increased its stake in Robinhood Markets by 8.7% in the 3rd quarter. State Street Corp now owns 13,558,321 shares of the company’s stock worth $317,536,000 after acquiring an additional 1,085,679 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Robinhood Markets by 19.5% during the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock worth $271,708,000 after acquiring an additional 1,895,427 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Robinhood Markets by 37.7% during the 2nd quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock valued at $173,770,000 after acquiring an additional 2,094,800 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Stock Up 8.3 %

The business’s fifty day moving average is $25.77 and its two-hundred day moving average is $22.49. The stock has a market capitalization of $30.94 billion, a PE ratio of 59.32, a price-to-earnings-growth ratio of 0.77 and a beta of 1.84.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The business had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The business’s quarterly revenue was up 36.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) earnings per share. Sell-side analysts expect that Robinhood Markets, Inc. will post 0.72 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.