Robinhood Markets (NASDAQ:HOOD) Trading 2% Higher on Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) rose 2% during trading on Friday after Bank of America raised their price target on the stock from $139.00 to $157.00. Bank of America currently has a buy rating on the stock. Robinhood Markets traded as high as $150.21 and last traded at $148.67. Approximately 34,389,100 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 42,170,789 shares. The stock had previously closed at $145.70.

Several other research analysts also recently commented on the company. Compass Point raised their target price on Robinhood Markets from $64.00 to $96.00 and gave the stock a “buy” rating in a research note on Friday, June 27th. The Goldman Sachs Group lifted their price target on Robinhood Markets from $134.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday. Needham & Company LLC lifted their price target on Robinhood Markets from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays lifted their price target on Robinhood Markets from $102.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, July 31st. Finally, Cantor Fitzgerald lifted their price target on Robinhood Markets from $100.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, July 31st. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.59.

Insider Buying and Selling

In related news, Director Baiju Bhatt sold 418,338 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $119.42, for a total value of $49,957,923.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $100.92, for a total value of $2,523,000.00. Following the completion of the sale, the insider owned 610,949 shares of the company’s stock, valued at $61,656,973.08. The trade was a 3.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,656,462 shares of company stock worth $614,224,917 over the last ninety days. Corporate insiders own 14.47% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

A number of large investors have recently bought and sold shares of the stock. Aaron Wealth Advisors LLC increased its stake in Robinhood Markets by 74.3% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 7,250 shares of the company’s stock worth $1,038,000 after purchasing an additional 3,090 shares during the period. Park National Corp OH purchased a new position in Robinhood Markets in the 3rd quarter worth approximately $7,983,000. Rydar Equities Inc. purchased a new position in Robinhood Markets in the 2nd quarter worth approximately $435,000. Corient Private Wealth LLC increased its stake in Robinhood Markets by 41.2% in the 2nd quarter. Corient Private Wealth LLC now owns 43,039 shares of the company’s stock worth $4,030,000 after purchasing an additional 12,564 shares during the period. Finally, CacheTech Inc. purchased a new position in Robinhood Markets in the 2nd quarter worth approximately $240,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Trading Up 2.0%

The stock has a 50 day simple moving average of $114.45 and a 200 day simple moving average of $82.33. The firm has a market capitalization of $132.12 billion, a PE ratio of 75.47, a PEG ratio of 4.05 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.12. The business had revenue of $989.00 million for the quarter, compared to analysts’ expectations of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The business’s quarterly revenue was up 45.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.21 EPS. As a group, equities analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share 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.