Robinhood Markets (NASDAQ:HOOD) Price Target Raised to $82.00

Robinhood Markets (NASDAQ:HOOD) had its price target increased by The Goldman Sachs Group from $81.00 to $82.00 in a report issued on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also issued reports on HOOD. Morgan Stanley raised their target price on shares of Robinhood Markets from $40.00 to $43.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 13th. Redburn Atlantic reiterated a “sell” rating and issued a $48.00 target price (up from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $60.00 target price on shares of Robinhood Markets in a research note on Thursday, March 27th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Robinhood Markets from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Finally, Wolfe Research lowered shares of Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Robinhood Markets currently has an average rating of “Moderate Buy” and a consensus price target of $57.17.

Robinhood Markets Stock Down 1.7%

Shares of HOOD opened at $72.60 on Thursday. The company’s fifty day moving average is $56.22 and its 200-day moving average is $48.73. Robinhood Markets has a 12 month low of $13.98 and a 12 month high of $77.80. The firm has a market cap of $64.28 billion, a price-to-earnings ratio of 46.24, a price-to-earnings-growth ratio of 1.05 and a beta of 2.25.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The business had revenue of $927.00 million for the quarter, compared to analyst estimates of $917.12 million. During the same quarter last year, the company earned $0.18 EPS. The business’s revenue for the quarter was up 50.0% compared to the same quarter last year. As a group, research analysts predict that Robinhood Markets will post 1.35 earnings per share for the current fiscal year.

Insider Transactions at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $38.31, for a total transaction of $957,750.00. Following the completion of the transaction, the insider now directly owns 822,825 shares of the company’s stock, valued at approximately $31,522,425.75. This trade represents a 2.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $74.29, for a total transaction of $31,078,330.02. Following the transaction, the director now directly owns 7,863 shares of the company’s stock, valued at $584,142.27. This represents a 98.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,650,974 shares of company stock valued at $142,977,123. Company insiders own 14.47% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors have recently added to or reduced their stakes in HOOD. FMR LLC lifted its holdings in Robinhood Markets by 184.8% during the 4th quarter. FMR LLC now owns 40,237,478 shares of the company’s stock valued at $1,499,248,000 after purchasing an additional 26,107,934 shares during the last quarter. Norges Bank bought a new position in Robinhood Markets during the 4th quarter valued at about $329,598,000. GQG Partners LLC bought a new position in Robinhood Markets during the 4th quarter valued at about $302,325,000. Vanguard Group Inc. lifted its holdings in Robinhood Markets by 8.6% during the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company’s stock valued at $3,089,914,000 after purchasing an additional 5,874,701 shares during the last quarter. Finally, AGF Management Ltd. lifted its holdings in Robinhood Markets by 286.0% during the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company’s stock valued at $239,053,000 after purchasing an additional 4,255,862 shares during the last quarter. 93.27% of the stock is owned by institutional investors.

About Robinhood Markets

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.