Needham & Company LLC Upgrades Robinhood Markets (NASDAQ:HOOD) to “Buy”

Needham & Company LLC upgraded shares of Robinhood Markets (NASDAQ:HOOD) from a hold rating to a buy rating in a research report report published on Monday morning, MarketBeat Ratings reports. Needham & Company LLC currently has $40.00 price objective on the stock.

Other equities research analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Robinhood Markets from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Barclays increased their target price on Robinhood Markets from $23.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Morgan Stanley raised their target price on Robinhood Markets from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Bank of America upped their price target on shares of Robinhood Markets from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, Citigroup increased their price objective on shares of Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.66.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $35.22 on Monday. Robinhood Markets has a 1 year low of $7.98 and a 1 year high of $38.11. The company has a market cap of $31.14 billion, a P/E ratio of 59.70, a PEG ratio of 0.82 and a beta of 1.84. The stock’s fifty day moving average price is $26.67 and its 200-day moving average price is $22.80.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The company had revenue of $637.00 million for the quarter, compared to analysts’ expectations of $660.53 million. During the same period in the previous year, the business earned ($0.09) EPS. The business’s revenue was up 36.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Robinhood Markets will post 0.74 earnings per share for the current year.

Insider Buying and Selling at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total transaction of $241,625.00. Following the transaction, the insider now owns 1,045,068 shares of the company’s stock, valued at approximately $20,201,164.44. This represents a 1.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Meyer Malka sold 105,875 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $30.00, for a total value of $3,176,250.00. Following the sale, the director now directly owns 28,930,243 shares of the company’s stock, valued at $867,907,290. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,710,549 shares of company stock worth $115,477,194 over the last ninety days. Company insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HOOD. Vanguard Group Inc. boosted its position in Robinhood Markets by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock valued at $1,143,960,000 after buying an additional 1,003,535 shares during the period. FMR LLC grew its stake in Robinhood Markets by 31.3% in the third quarter. FMR LLC now owns 14,129,544 shares of the company’s stock worth $330,914,000 after purchasing an additional 3,368,118 shares in the last quarter. State Street Corp grew its stake in Robinhood Markets by 8.7% in the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock worth $317,536,000 after purchasing an additional 1,085,679 shares in the last quarter. Geode Capital Management LLC increased its holdings in Robinhood Markets by 19.5% during the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock worth $271,708,000 after purchasing an additional 1,895,427 shares during the period. Finally, Renaissance Technologies LLC raised its position in Robinhood Markets by 37.7% during the 2nd quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock valued at $173,770,000 after purchasing an additional 2,094,800 shares in the last quarter. 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.