Robinhood Markets (NASDAQ:HOOD) Sets New 1-Year High on Analyst Upgrade

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) hit a new 52-week high during trading on Tuesday after Piper Sandler raised their price target on the stock from $27.00 to $30.00. Piper Sandler currently has an overweight rating on the stock. Robinhood Markets traded as high as $27.60 and last traded at $27.48, with a volume of 7572192 shares traded. The stock had previously closed at $26.97.

Several other research analysts have also recently commented on HOOD. Barclays raised their target price on shares of Robinhood Markets from $20.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Wolfe Research raised Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price target on the stock in a research note on Wednesday, June 26th. Needham & Company LLC reissued a “hold” rating on shares of Robinhood Markets in a research report on Thursday, August 8th. KeyCorp raised their price objective on shares of Robinhood Markets from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Robinhood Markets from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Robinhood Markets currently has a consensus rating of “Hold” and a consensus price target of $24.97.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the company’s stock in a transaction 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 $20,201,164.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $16.05, for a total transaction of $4,012,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 4,639,654 shares of company stock worth $110,241,632 in the last ninety days. Insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently added to or reduced their stakes in HOOD. Wellington Management Group LLP acquired a new stake in Robinhood Markets in the 4th quarter valued at approximately $8,299,000. PNC Financial Services Group Inc. grew its position in Robinhood Markets by 46.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock worth $29,000 after acquiring an additional 722 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new position in Robinhood Markets during the first quarter worth $667,000. Atlas Capital Advisors LLC raised its stake in shares of Robinhood Markets by 1,894.6% in the 1st quarter. Atlas Capital Advisors LLC now owns 28,682 shares of the company’s stock valued at $577,000 after acquiring an additional 27,244 shares in the last quarter. Finally, Toth Financial Advisory Corp acquired a new stake in shares of Robinhood Markets in the first quarter worth $612,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Price Performance

The stock’s fifty day simple moving average is $22.20 and its 200-day simple moving average is $20.91. The company has a market capitalization of $24.18 billion, a P/E ratio of 179.80 and a beta of 1.84.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.05. The company had revenue of $682.00 million during the quarter, compared to analyst estimates of $640.39 million. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. The company’s revenue was up 40.3% on a year-over-year basis. During the same quarter last year, the business posted $0.03 earnings per share. On average, research analysts predict that Robinhood Markets, Inc. will post 0.76 earnings per share for the current year.

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.