Needham & Company LLC Issues Positive Forecast for Robinhood Markets (NASDAQ:HOOD) Stock Price

Robinhood Markets (NASDAQ:HOOD) had its price objective hoisted by Needham & Company LLC from $97.00 to $123.00 in a research note released on Tuesday morning, MarketBeat Ratings reports. The firm currently has a buy rating on the stock.

HOOD has been the topic of a number of other reports. Loop Capital set a $110.00 price target on shares of Robinhood Markets in a research note on Wednesday, June 17th. Argus increased their price objective on shares of Robinhood Markets from $90.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, June 17th. Truist Financial dropped their target price on shares of Robinhood Markets from $120.00 to $100.00 and set a “buy” rating for the company in a report on Monday, April 13th. Mizuho boosted their target price on Robinhood Markets from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, July 2nd. Finally, China Renaissance initiated coverage on Robinhood Markets in a research note on Tuesday, July 7th. They set a “buy” rating on the stock. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Robinhood Markets presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.13.

Robinhood Markets Trading Up 7.1%

Shares of HOOD opened at $106.36 on Tuesday. The firm has a market cap of $95.78 billion, a P/E ratio of 51.38, a price-to-earnings-growth ratio of 2.10 and a beta of 2.33. Robinhood Markets has a 12-month low of $63.51 and a 12-month high of $153.86. The company’s 50-day moving average price is $95.20 and its 200 day moving average price is $88.73.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Tuesday, April 28th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.14 billion. Robinhood Markets had a net margin of 41.12% and a return on equity of 21.39%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.37 EPS. Equities research analysts forecast that Robinhood Markets will post 1.86 earnings per share for the current year.

Insider Transactions at Robinhood Markets

In other news, insider Steven M. Quirk sold 19,377 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $119.96, for a total value of $2,324,464.92. Following the sale, the insider directly owned 62,612 shares in the company, valued at approximately $7,510,935.52. This trade represents a 23.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Meyer Malka purchased 250,000 shares of Robinhood Markets stock in a transaction on Friday, June 5th. The stock was bought at an average cost of $80.74 per share, for a total transaction of $20,185,000.00. Following the transaction, the director directly owned 3,924,427 shares in the company, valued at $316,858,235.98. This represents a 6.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have acquired 680,000 shares of company stock valued at $55,306,560 and have sold 587,875 shares valued at $62,602,915. 13.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of hedge funds and other institutional investors have recently modified their holdings of HOOD. Sound Income Strategies LLC raised its position in shares of Robinhood Markets by 152.6% during the 4th quarter. Sound Income Strategies LLC now owns 240 shares of the company’s stock worth $26,000 after acquiring an additional 145 shares in the last quarter. CYBER HORNET ETFs LLC raised its holdings in Robinhood Markets by 527.8% during the fourth quarter. CYBER HORNET ETFs LLC now owns 226 shares of the company’s stock worth $26,000 after purchasing an additional 190 shares in the last quarter. Elyxium Wealth LLC purchased a new stake in shares of Robinhood Markets during the 4th quarter worth approximately $27,000. MV Capital Management Inc. purchased a new stake in shares of Robinhood Markets during the 4th quarter worth approximately $27,000. Finally, Swiss RE Ltd. purchased a new stake in shares of Robinhood Markets during the 4th quarter worth approximately $27,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Robinhood Markets

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Bernstein raised its price target on HOOD to $160 from $130 and said Robinhood’s prediction markets business could become a major revenue driver, potentially overtaking crypto revenue. Bernstein raises Robinhood price target to $160 as prediction markets revenue could overtake crypto
• Positive Sentiment: Needham & Company also lifted its price target on HOOD to $123 from $97 and maintained a buy rating, reinforcing the view that the stock still has upside from current levels.
• Positive Sentiment: Bloomberg reported that analysts see Robinhood’s prediction market revenue becoming larger than its crypto business, which supports the bullish narrative that HOOD is building new high-growth income streams. Robinhood Prediction Market Revenue to Top Crypto, Analysts Say
• Positive Sentiment: Investor sentiment around crypto-related stocks improved as Bitcoin recovered, helping lift HOOD alongside peers like Circle and Strategy. Circle, Robinhood, Strategy stocks surge on Bitcoin comeback

About Robinhood Markets

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.