Robinhood Markets (NASDAQ:HOOD) Stock Price Up 3.6% Following Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) was up 3.6% during mid-day trading on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The stock traded as high as $120.70 and last traded at $119.40. Approximately 20,858,236 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 39,118,715 shares. The stock had previously closed at $115.26.

HOOD has been the subject of a number of other reports. JMP Securities increased their price target on Robinhood Markets from $130.00 to $170.00 and gave the company a “market outperform” rating in a research report on Thursday, October 9th. KeyCorp lifted their target price on shares of Robinhood Markets from $135.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 target price on shares of Robinhood Markets in a report on Friday, December 5th. Keefe, Bruyette & Woods increased their price target on Robinhood Markets from $121.00 to $135.00 and gave the company a “market perform” rating in a research report on Thursday, November 6th. Finally, Citigroup lifted their price target on Robinhood Markets from $120.00 to $135.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $137.25.

Insider Activity

In other Robinhood Markets news, insider Steven M. Quirk sold 49,942 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $131.15, for a total transaction of $6,549,893.30. Following the completion of the sale, the insider directly owned 54,496 shares in the company, valued at $7,147,150.40. The trade was a 47.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 120,000 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $132.13, for a total transaction of $15,855,600.00. Following the completion of the transaction, the insider directly owned 430,012 shares in the company, valued at $56,817,485.56. The trade was a 21.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,686,763 shares of company stock worth $475,858,262 in the last three months. Insiders own 14.47% of the company’s stock.

Institutional Trading of Robinhood Markets

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Robinhood Markets by 24.9% in the third quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock worth $13,521,497,000 after buying an additional 18,824,923 shares during the period. State Street Corp increased its position in shares of Robinhood Markets by 103.2% in the third quarter. State Street Corp now owns 32,246,155 shares of the company’s stock valued at $4,617,004,000 after acquiring an additional 16,375,734 shares during the period. Geode Capital Management LLC increased its position in shares of Robinhood Markets by 4.0% in the second quarter. Geode Capital Management LLC now owns 13,176,539 shares of the company’s stock valued at $1,233,840,000 after acquiring an additional 507,926 shares during the period. WCM Investment Management LLC raised its stake in shares of Robinhood Markets by 3,615.7% during the second quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock valued at $1,081,910,000 after acquiring an additional 11,244,182 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Robinhood Markets during the second quarter worth about $973,122,000. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Price Performance

The company has a market capitalization of $105.35 billion, a P/E ratio of 48.61, a PEG ratio of 2.33 and a beta of 2.43. The company has a 50 day moving average of $129.54 and a 200-day moving average of $113.17.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.20. Robinhood Markets had a return on equity of 21.74% and a net margin of 52.19%.The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company earned $0.17 earnings per share. The firm’s revenue for the quarter was up 100.0% on a year-over-year basis. Research analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal 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.