Robinhood Markets (NASDAQ:HOOD) Price Target Raised to $110.00

Robinhood Markets (NASDAQ:HOOD) had its price objective upped by Morgan Stanley from $43.00 to $110.00 in a research note published on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also recently commented on HOOD. The Goldman Sachs Group lifted their price objective on Robinhood Markets from $91.00 to $104.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $71.00 target price on shares of Robinhood Markets in a research report on Tuesday, May 27th. JPMorgan Chase & Co. lifted their target price on Robinhood Markets from $44.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. JMP Securities increased their price objective on Robinhood Markets from $70.00 to $125.00 and gave the company a “market outperform” rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Robinhood Markets from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.29.

Robinhood Markets Stock Performance

Robinhood Markets stock opened at $105.45 on Tuesday. The firm has a market capitalization of $93.37 billion, a PE ratio of 59.92, a PEG ratio of 5.26 and a beta of 2.36. Robinhood Markets has a 52 week low of $13.98 and a 52 week high of $106.64. The business’s 50-day simple moving average is $77.63 and its 200-day simple moving average is $57.05.

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

Insider Activity

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $64.46, for a total value of $26,966,067.48. Following the completion of the sale, the director owned 7,863 shares in the company, valued at approximately $506,848.98. The trade was a 98.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven M. Quirk sold 104,887 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $70.14, for a total transaction of $7,356,774.18. Following the completion of the sale, the insider directly owned 228,621 shares in the company, valued at approximately $16,035,476.94. This trade represents a 31.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,364,145 shares of company stock worth $181,837,741 in the last three months. Corporate insiders own 14.47% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its stake in Robinhood Markets by 184.8% in the fourth quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after purchasing an additional 26,107,934 shares during the period. Kingstone Capital Partners Texas LLC bought a new stake in shares of Robinhood Markets during the 2nd quarter valued at $951,479,000. Norges Bank purchased a new stake in shares of Robinhood Markets in the 4th quarter worth about $329,598,000. GQG Partners LLC bought a new position in shares of Robinhood Markets in the 4th quarter worth about $302,325,000. Finally, Vanguard Group Inc. lifted its position in Robinhood Markets by 8.6% during the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company’s stock valued at $3,089,914,000 after acquiring an additional 5,874,701 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.