Robinhood Markets (NASDAQ:HOOD) Shares Gap Up Following Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price gapped up before the market opened on Wednesday after Sanford C. Bernstein raised their price target on the stock from $30.00 to $51.00. The stock had previously closed at $35.24, but opened at $37.00. Sanford C. Bernstein currently has an outperform rating on the stock. Robinhood Markets shares last traded at $36.67, with a volume of 11,851,550 shares changing hands.

Other research analysts have also issued reports about the stock. KeyCorp raised their target price on shares of Robinhood Markets from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Bank of America upped their target price on shares of Robinhood Markets from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Keefe, Bruyette & Woods dropped their price target on Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating for the company in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft upped their price objective on Robinhood Markets from $27.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC upgraded Robinhood Markets from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Monday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.66.

Insiders Place Their Bets

In related news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total transaction of $241,625.00. Following the sale, the insider now owns 1,045,068 shares of the company’s stock, valued at $20,201,164.44. This trade represents a 1.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.26, for a total transaction of $4,815,000.00. The disclosure for this sale can be found here. Insiders have sold 4,710,549 shares of company stock worth $115,477,194 in the last ninety days. 19.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Institutional investors and hedge funds have recently bought and sold shares of the company. Baker Avenue Asset Management LP grew its stake in Robinhood Markets by 77.9% during the 3rd quarter. Baker Avenue Asset Management LP now owns 464,306 shares of the company’s stock worth $10,874,000 after buying an additional 203,354 shares during the last quarter. UniSuper Management Pty Ltd increased its holdings in shares of Robinhood Markets by 87.1% during the first quarter. UniSuper Management Pty Ltd now owns 5,800 shares of the company’s stock valued at $117,000 after acquiring an additional 2,700 shares in the last quarter. EULAV Asset Management raised its position in shares of Robinhood Markets by 22.2% in the 3rd quarter. EULAV Asset Management now owns 550,000 shares of the company’s stock valued at $12,881,000 after purchasing an additional 100,000 shares during the last quarter. Aigen Investment Management LP acquired a new stake in Robinhood Markets in the 3rd quarter worth approximately $770,000. Finally, Robeco Institutional Asset Management B.V. grew its position in Robinhood Markets by 146.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,161,240 shares of the company’s stock worth $27,196,000 after purchasing an additional 690,467 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Stock Performance

The stock’s 50 day simple moving average is $26.67 and its 200-day simple moving average is $22.80. The firm has a market cap of $31.14 billion, a price-to-earnings ratio of 59.70, a price-to-earnings-growth ratio of 0.82 and a beta of 1.84.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm 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 business’s revenue was up 36.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) EPS. On average, analysts expect that Robinhood Markets, Inc. will post 0.74 EPS for the current fiscal year.

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.