Bank of America Issues Positive Forecast for Robinhood Markets (NASDAQ:HOOD) Stock Price

Robinhood Markets (NASDAQ:HOOD) had its price objective raised by Bank of America from $139.00 to $157.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the stock. Barclays increased their target price on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, July 31st. Mizuho increased their target price on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 10th. Citigroup increased their price objective on shares of Robinhood Markets from $120.00 to $135.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Morgan Stanley increased their price objective on shares of Robinhood Markets from $110.00 to $146.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, JMP Securities increased their price objective on shares of Robinhood Markets from $125.00 to $130.00 and gave the company a “market outperform” rating in a research report on Thursday, July 31st. Twelve investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $113.59.

Robinhood Markets Price Performance

Shares of HOOD stock opened at $145.70 on Thursday. The firm has a market cap of $129.48 billion, a P/E ratio of 73.96, a PEG ratio of 4.87 and a beta of 2.42. Robinhood Markets has a 1-year low of $22.05 and a 1-year high of $146.70. The firm’s 50-day simple moving average is $113.58 and its 200-day simple moving average is $81.58.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.12. The business had revenue of $989.00 million for 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 17.48%. The company’s revenue was up 45.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 EPS. Analysts expect that Robinhood Markets will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Robinhood Markets

In related news, Director Baiju Bhatt sold 418,338 shares of the firm’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $119.42, for a total transaction of $49,957,923.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $124.13, for a total value of $727,898.32. Following the transaction, the chief technology officer owned 17,816 shares in the company, valued at $2,211,500.08. This trade represents a 24.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,906,462 shares of company stock valued at $509,427,417. Corporate insiders own 14.47% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Robinhood Markets by 1.8% during the second quarter. Vanguard Group Inc. now owns 75,612,131 shares of the company’s stock worth $7,079,564,000 after purchasing an additional 1,371,051 shares during the last quarter. State Street Corp lifted its stake in Robinhood Markets by 9.2% during the second quarter. State Street Corp now owns 15,870,421 shares of the company’s stock worth $1,485,948,000 after purchasing an additional 1,341,204 shares during the last quarter. Geode Capital Management LLC lifted its stake in Robinhood Markets by 4.0% during the second quarter. Geode Capital Management LLC now owns 13,176,539 shares of the company’s stock worth $1,233,840,000 after purchasing an additional 507,926 shares during the last quarter. WCM Investment Management LLC lifted its stake in Robinhood Markets by 3,615.7% in the second quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock valued at $1,081,910,000 after buying an additional 11,244,182 shares during the last quarter. Finally, Norges Bank bought a new stake in Robinhood Markets in the second quarter valued at $973,122,000. 93.27% of the stock is currently 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.