Robinhood Markets (NASDAQ:HOOD) Stock Price Up 3.6% Following Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price traded up 3.6% on Wednesday 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 $104.16 and last traded at $103.09. 21,120,368 shares were traded during mid-day trading, a decline of 31% from the average session volume of 30,488,731 shares. The stock had previously closed at $99.54.

Several other equities research analysts have also issued reports on HOOD. JPMorgan Chase & Co. raised their price target on shares of Robinhood Markets from $44.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Morgan Stanley upped their target price on Robinhood Markets from $43.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Redburn Atlantic reaffirmed a “sell” rating and set a $48.00 price objective (up from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. The Goldman Sachs Group increased their price target on shares of Robinhood Markets from $91.00 to $104.00 and gave the company a “buy” rating in a research report on Monday, July 7th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $60.00 target price on shares of Robinhood Markets in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given 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 $85.29.

Insider Activity at Robinhood Markets

In other news, insider Steven M. Quirk sold 92,257 shares of the business’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $84.96, for a total value of $7,838,154.72. Following the completion of the transaction, the insider owned 136,364 shares in the company, valued at $11,585,485.44. The trade was a 40.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher D. Payne purchased 26,500 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were bought at an average cost of $74.19 per share, for a total transaction of $1,966,035.00. Following the acquisition, the director owned 26,500 shares in the company, valued at approximately $1,966,035. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 2,364,145 shares of company stock valued at $181,837,741 over the last ninety days. Corporate insiders own 14.47% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ballentine Partners LLC increased its stake in Robinhood Markets by 2.3% during the second quarter. Ballentine Partners LLC now owns 6,624 shares of the company’s stock worth $620,000 after acquiring an additional 148 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Robinhood Markets by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company’s stock worth $440,000 after purchasing an additional 171 shares during the last quarter. Cigna Investments Inc. New raised its stake in shares of Robinhood Markets by 2.7% during the first quarter. Cigna Investments Inc. New now owns 6,730 shares of the company’s stock valued at $280,000 after acquiring an additional 174 shares in the last quarter. Hemington Wealth Management lifted its holdings in shares of Robinhood Markets by 52.2% in the 1st quarter. Hemington Wealth Management now owns 636 shares of the company’s stock worth $26,000 after buying an additional 218 shares during the period. Finally, Farther Finance Advisors LLC increased its position in Robinhood Markets by 4.0% during the 1st quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company’s stock valued at $290,000 after purchasing an additional 265 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Stock Up 3.7%

The company has a market cap of $91.42 billion, a P/E ratio of 58.67, a P/E/G ratio of 5.14 and a beta of 2.36. The business’s 50 day moving average is $76.60 and its 200 day moving average is $56.58.

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