Robinhood Markets (NASDAQ:HOOD) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank assumed coverage on shares of Robinhood Markets (NASDAQ:HOOD) in a research note released on Wednesday, Marketbeat.com reports. The firm issued a sector outperform rating and a $136.00 price objective on the stock.

HOOD has been the subject of a number of other reports. Needham & Company LLC lowered their price target on shares of Robinhood Markets from $123.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Sanford C. Bernstein raised their price target on shares of Robinhood Markets from $130.00 to $160.00 and gave the stock an “outperform” rating in a report on Monday, July 20th. Argus boosted their price objective on shares of Robinhood Markets from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, June 17th. China Renaissance began coverage on shares of Robinhood Markets in a research note on Tuesday, July 7th. They set a “buy” rating for the company. Finally, Zacks Research raised shares of Robinhood Markets from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Twenty-three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $122.67.

Robinhood Markets Price Performance

Shares of Robinhood Markets stock opened at $122.11 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.22 and a quick ratio of 1.22. Robinhood Markets has a one year low of $63.51 and a one year high of $153.86. The business’s 50 day simple moving average is $102.73 and its two-hundred day simple moving average is $88.26. The stock has a market capitalization of $109.79 billion, a P/E ratio of 53.79, a price-to-earnings-growth ratio of 2.56 and a beta of 2.34.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.18. Robinhood Markets had a return on equity of 22.43% and a net margin of 42.01%.The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The business’s quarterly revenue was up 32.5% compared to the same quarter last year. Analysts forecast that Robinhood Markets will post 2.08 EPS for the current year.

Insiders Place Their Bets

In other Robinhood Markets news, insider Steven M. Quirk sold 24,416 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $120.33, for a total value of $2,937,977.28. Following the completion of the transaction, the insider directly owned 77,839 shares in the company, valued at approximately $9,366,366.87. This represents a 23.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Shiv Verma sold 3,982 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $95.07, for a total transaction of $378,568.74. Following the completion of the sale, the chief financial officer directly owned 51,963 shares of the company’s stock, valued at approximately $4,940,122.41. This represents a 7.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 626,283 shares of company stock valued at $69,070,083 over the last quarter. 13.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently bought and sold shares of HOOD. Empowered Funds LLC boosted its position in Robinhood Markets by 46.7% during the 1st quarter. Empowered Funds LLC now owns 49,870 shares of the company’s stock valued at $2,076,000 after acquiring an additional 15,885 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Robinhood Markets during the 2nd quarter worth approximately $5,105,000. Federated Hermes Inc. raised its position in shares of Robinhood Markets by 106.2% in the 2nd quarter. Federated Hermes Inc. now owns 63,957 shares of the company’s stock worth $5,988,000 after acquiring an additional 32,933 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Robinhood Markets by 19.1% in the 2nd quarter. NewEdge Advisors LLC now owns 89,676 shares of the company’s stock worth $8,396,000 after acquiring an additional 14,356 shares in the last quarter. Finally, Nebula Research & Development LLC purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at approximately $1,316,000. 93.27% of the stock is owned by institutional investors.

Trending Headlines about Robinhood Markets

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Analyst sentiment remains supportive. Scotiabank initiated coverage with a bullish view, while Piper Sandler raised its price target to $145 and expects football-related event contracts to increase activity. Robinhood generated $156 million from event contracts in the second quarter. Robinhood Stock Jumps After Wave of Analysts Upgrade
• Positive Sentiment: Robinhood Chain and crypto activity are emerging growth drivers. The new blockchain reportedly generated about $3.8 million in fees on September 1, while the company now has 13 business lines with more than $100 million in annualized revenue. Deutsche Bank also sees potential upside from Robinhood’s latest crypto initiatives. Robinhood Now Runs 13 Revenue Lines Above $100 Million a Year
• Positive Sentiment: CEO Vlad Tenev said Robinhood’s newly launched Trust Accounts have attracted more than $150 million since August, suggesting early customer demand for the offering. Robinhood Trust Accounts Now Have Over $150 Million

About Robinhood Markets

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.