Robinhood Markets (NASDAQ:HOOD) Price Target Raised to $120.00

Robinhood Markets (NASDAQ:HOOD) had its price objective lifted by Citigroup from $100.00 to $120.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

HOOD has been the subject of a number of other research reports. Mizuho upped their price objective on shares of Robinhood Markets from $99.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday. Redburn Atlantic reaffirmed a “sell” rating and set a $48.00 price objective (up previously from $40.00) on shares of Robinhood Markets in a research report on Monday, June 9th. JPMorgan Chase & Co. increased their price target on shares of Robinhood Markets from $44.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Barclays increased their price target on shares of Robinhood Markets from $57.00 to $102.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Finally, KeyCorp increased their price target on shares of Robinhood Markets from $60.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. One research 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 data from MarketBeat, Robinhood Markets currently has an average rating of “Moderate Buy” and an average target price of $96.29.

Robinhood Markets Stock Performance

Shares of HOOD opened at $99.90 on Thursday. The company has a 50-day simple moving average of $86.92 and a 200-day simple moving average of $62.00. The firm has a market capitalization of $88.46 billion, a P/E ratio of 50.71, a P/E/G ratio of 5.03 and a beta of 2.36. Robinhood Markets has a 52 week low of $13.98 and a 52 week high of $113.44.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.12. The business had revenue of $989.00 million during the quarter, compared to analyst estimates of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.69%. The firm’s revenue for the quarter was up 45.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.21 earnings per share. As a group, equities 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 company’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $101.88, for a total transaction of $42,620,275.44. Following the sale, the director directly owned 10,518 shares of the company’s stock, valued at approximately $1,071,573.84. This represents a 97.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven M. Quirk sold 92,257 shares of the company’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $84.96, for a total transaction of $7,838,154.72. Following the sale, the insider directly owned 136,364 shares in the company, valued at $11,585,485.44. This represents a 40.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,026,690 shares of company stock valued at $257,160,102. Corporate insiders own 14.47% of the company’s stock.

Institutional Trading of Robinhood Markets

Several hedge funds have recently modified their holdings of the stock. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in shares of Robinhood Markets by 117.7% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 124,558 shares of the company’s stock valued at $11,662,000 after purchasing an additional 67,353 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Robinhood Markets by 24.1% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 161,400 shares of the company’s stock valued at $15,112,000 after purchasing an additional 31,300 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Robinhood Markets by 24.1% during the second quarter. Teacher Retirement System of Texas now owns 111,043 shares of the company’s stock valued at $10,397,000 after purchasing an additional 21,549 shares during the last quarter. Y Intercept Hong Kong Ltd grew its stake in shares of Robinhood Markets by 62.1% during the second quarter. Y Intercept Hong Kong Ltd now owns 12,708 shares of the company’s stock valued at $1,190,000 after purchasing an additional 4,870 shares during the last quarter. Finally, Convergence Investment Partners LLC bought a new stake in shares of Robinhood Markets during the second quarter valued at approximately $1,927,000. 93.27% of the stock is owned by institutional investors.

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.