Robinhood Markets (NASDAQ:HOOD) Trading Up 6.2% Following Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price shot up 6.2% during mid-day trading on Friday after Citigroup raised their price target on the stock from $19.00 to $23.00. Citigroup currently has a neutral rating on the stock. Robinhood Markets traded as high as $23.90 and last traded at $23.83. 13,517,886 shares were traded during trading, a decline of 13% from the average session volume of 15,535,676 shares. The stock had previously closed at $22.43.

Other analysts also recently issued research reports about the company. Wolfe Research raised Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 target price on the stock in a research note on Wednesday, June 26th. KeyCorp lifted their target price on Robinhood Markets from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Morgan Stanley lifted their target price on Robinhood Markets from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. Barclays raised Robinhood Markets from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $18.00 to $20.00 in a research note on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft raised Robinhood Markets from a “hold” rating to a “buy” rating and lifted their target price for the company from $21.00 to $24.00 in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Robinhood Markets presently has an average rating of “Hold” and an average target price of $23.43.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $22.50, for a total value of $5,625,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Baiju Bhatt sold 139,916 shares of Robinhood Markets stock in a transaction on Monday, September 9th. The stock was sold at an average price of $19.55, for a total value of $2,735,357.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction on Friday, July 5th. The stock was sold at an average price of $22.50, for a total value of $5,625,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,204,096 shares of company stock valued at $23,603,793. Corporate insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

A number of hedge funds have recently modified their holdings of the stock. Centaurus Financial Inc. acquired a new position in shares of Robinhood Markets in the 2nd quarter worth $200,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Robinhood Markets during the second quarter valued at $2,271,000. Sanctuary Advisors LLC acquired a new position in Robinhood Markets during the second quarter valued at $996,000. Maven Securities LTD acquired a new position in Robinhood Markets during the second quarter valued at $286,000. Finally, Dana Investment Advisors Inc. raised its position in Robinhood Markets by 16.7% during the second quarter. Dana Investment Advisors Inc. now owns 13,556 shares of the company’s stock valued at $308,000 after buying an additional 1,938 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Stock Up 6.5 %

The stock has a market capitalization of $21.00 billion, a price-to-earnings ratio of 159.27 and a beta of 1.82. The firm has a 50-day moving average of $20.49 and a two-hundred day moving average of $20.19.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.05. The firm had revenue of $682.00 million for the quarter, compared to analyst estimates of $640.39 million. Robinhood Markets had a return on equity of 4.25% and a net margin of 12.96%. Robinhood Markets’s quarterly revenue was up 40.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 earnings per share. As a group, sell-side analysts predict that Robinhood Markets, Inc. will post 0.76 EPS 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.