Robinhood Markets (NASDAQ:HOOD) Stock Price Up 7.1% on Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) shot up 7.1% on Tuesday after Needham & Company LLC raised their price target on the stock from $97.00 to $123.00. Needham & Company LLC currently has a buy rating on the stock. Robinhood Markets traded as high as $108.21 and last traded at $106.36. Approximately 19,350,362 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 29,718,475 shares. The stock had previously closed at $99.28.

Several other research firms have also weighed in on HOOD. The Goldman Sachs Group upped their target price on Robinhood Markets from $121.00 to $137.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lifted their price target on Robinhood Markets from $105.00 to $113.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Barclays boosted their price objective on shares of Robinhood Markets from $82.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Jefferies Financial Group lowered their price objective on shares of Robinhood Markets from $88.00 to $84.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Finally, Argus raised their target price on shares of Robinhood Markets from $90.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, June 17th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $121.13.

Insider Buying and Selling at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $116.14, for a total value of $1,161,400.00. Following the completion of the transaction, the insider owned 471,396 shares of the company’s stock, valued at approximately $54,747,931.44. The trade was a 2.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Oluwadara Johnson Treseder sold 3,750 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $117.50, for a total transaction of $440,625.00. Following the completion of the transaction, the director owned 72,442 shares in the company, valued at approximately $8,511,935. This trade represents a 4.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, 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 insiders.

Key Robinhood Markets News

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

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently modified their holdings of HOOD. Evolution Wealth Advisors LLC boosted its position in shares of Robinhood Markets by 5.2% during the 4th quarter. Evolution Wealth Advisors LLC now owns 1,916 shares of the company’s stock valued at $217,000 after purchasing an additional 95 shares in the last quarter. CogentBlue Wealth Advisors LLC raised its holdings in shares of Robinhood Markets by 4.1% in the 4th quarter. CogentBlue Wealth Advisors LLC now owns 2,489 shares of the company’s stock worth $282,000 after purchasing an additional 98 shares in the last quarter. SOA Wealth Advisors LLC. lifted its stake in Robinhood Markets by 11.5% during the fourth quarter. SOA Wealth Advisors LLC. now owns 968 shares of the company’s stock valued at $109,000 after purchasing an additional 100 shares during the last quarter. Barnes Dennig Private Wealth Management LLC lifted its stake in Robinhood Markets by 10.2% during the fourth quarter. Barnes Dennig Private Wealth Management LLC now owns 1,210 shares of the company’s stock valued at $137,000 after purchasing an additional 112 shares during the last quarter. Finally, Bogart Wealth LLC lifted its stake in Robinhood Markets by 8.5% during the fourth quarter. Bogart Wealth LLC now owns 1,463 shares of the company’s stock valued at $165,000 after purchasing an additional 114 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Price Performance

The stock has a market capitalization of $95.78 billion, a P/E ratio of 51.38, a PEG ratio of 2.10 and a beta of 2.33. The stock’s fifty day moving average is $95.20 and its two-hundred day moving average is $88.73.

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

Robinhood Markets Company Profile

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.