Robinhood Markets (NASDAQ:HOOD) Shares Gap Up – Time to Buy?

Robinhood Markets, Inc. (NASDAQ:HOOD) shares gapped up prior to trading on Thursday . The stock had previously closed at $37.26, but opened at $38.54. Robinhood Markets shares last traded at $39.57, with a volume of 4,976,410 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently commented on HOOD shares. Sanford C. Bernstein raised their target price on Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. JMP Securities boosted their price objective on Robinhood Markets from $33.00 to $40.00 and gave the company a “market outperform” rating in a research report on Tuesday, November 12th. Morgan Stanley raised shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $24.00 to $55.00 in a research note on Monday, November 25th. The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $40.00 to $46.00 in a research report on Friday, December 6th. Finally, Barclays upgraded shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $26.00 to $49.00 in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.20.

Robinhood Markets Price Performance

The company has a market cap of $34.35 billion, a PE ratio of 65.87, a P/E/G ratio of 0.81 and a beta of 2.09. The business’s 50 day moving average is $34.99 and its 200-day moving average is $26.53.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The business had revenue of $637.00 million for the quarter, compared to analyst estimates of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The company’s revenue was up 36.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.09) earnings per share. As a group, sell-side analysts predict that Robinhood Markets, Inc. will post 0.8 EPS for the current fiscal year.

Insider Activity at Robinhood Markets

In related news, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $22.88, for a total transaction of $5,720,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven M. Quirk sold 208,291 shares of the stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $24.98, for a total transaction of $5,203,109.18. Following the sale, the insider now owns 346,020 shares of the company’s stock, valued at $8,643,579.60. This trade represents a 37.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,307,772 shares of company stock valued at $187,743,158 in the last three months. 19.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Robinhood Markets by 1,211,858.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock valued at $89,410,000 after acquiring an additional 3,817,355 shares in the last quarter. Azora Capital LP acquired a new stake in shares of Robinhood Markets in the 3rd quarter valued at approximately $79,780,000. FMR LLC lifted its holdings in Robinhood Markets by 31.3% in the third quarter. FMR LLC now owns 14,129,544 shares of the company’s stock valued at $330,914,000 after acquiring an additional 3,368,118 shares during the period. Renaissance Technologies LLC grew its stake in shares of Robinhood Markets by 37.7% during the 2nd quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock worth $173,770,000 after purchasing an additional 2,094,800 shares during the period. Finally, Geode Capital Management LLC increased its stake in Robinhood Markets by 19.5% in the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock valued at $271,708,000 after purchasing an additional 1,895,427 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

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.