Robinhood Markets (NASDAQ:HOOD) Trading Up 2.5% – Time to Buy?

Robinhood Markets, Inc. (NASDAQ:HOOD) was up 2.5% during trading on Wednesday . The company traded as high as $39.67 and last traded at $37.25. Approximately 21,340,911 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 32,489,199 shares. The stock had previously closed at $36.36.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on HOOD shares. Sanford C. Bernstein lifted their price objective on shares of Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Cantor Fitzgerald assumed coverage on shares of Robinhood Markets in a research note on Thursday, March 6th. They set an “overweight” rating and a $69.00 price target on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Robinhood Markets from $38.00 to $60.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 18th. JPMorgan Chase & Co. boosted their price target on shares of Robinhood Markets from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Raymond James assumed coverage on shares of Robinhood Markets in a research note on Wednesday, February 5th. They set a “market perform” rating on the stock. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $61.31.

Robinhood Markets Stock Up 4.4 %

The company has a market cap of $33.31 billion, a PE ratio of 24.03, a P/E/G ratio of 1.05 and a beta of 2.14. The firm’s fifty day simple moving average is $48.93 and its 200-day simple moving average is $36.26.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. On average, analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Buying and Selling at Robinhood Markets

In related news, Director Baiju Bhatt sold 228,645 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $40.37, for a total transaction of $9,230,398.65. Following the transaction, the director now owns 5,042 shares of the company’s stock, valued at approximately $203,545.54. This represents a 97.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $37.51, for a total transaction of $11,253,000.00. Following the transaction, the insider now directly owns 806,955 shares of the company’s stock, valued at $30,268,882.05. This trade represents a 27.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,985,127 shares of company stock valued at $142,455,378 over the last quarter. Corporate insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors and hedge funds have recently bought and sold shares of HOOD. FMR LLC increased its position in Robinhood Markets by 184.8% during the fourth quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after purchasing an additional 26,107,934 shares during the last quarter. Norges Bank acquired a new stake in shares of Robinhood Markets in the fourth quarter worth $329,598,000. GQG Partners LLC acquired a new stake in shares of Robinhood Markets in the fourth quarter worth $302,325,000. Artisan Partners Limited Partnership acquired a new stake in shares of Robinhood Markets in the fourth quarter worth $152,949,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Robinhood Markets by 335.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company’s stock worth $193,202,000 after acquiring an additional 3,994,745 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.