Robinhood Markets (NASDAQ:HOOD) Trading 5.5% Higher – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD) shot up 5.5% during mid-day trading on Wednesday . The stock traded as high as $39.59 and last traded at $39.58. 10,144,491 shares were traded during trading, a decline of 41% from the average session volume of 17,069,357 shares. The stock had previously closed at $37.50.

Analysts Set New Price Targets

HOOD has been the subject of several research reports. Morgan Stanley upgraded shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $24.00 to $55.00 in a research report on Monday, November 25th. Barclays raised shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $26.00 to $49.00 in a report on Monday, December 9th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Robinhood Markets from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. JMP Securities increased 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. Finally, Citigroup boosted their target price on Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Robinhood Markets has a consensus rating of “Moderate Buy” and a consensus target price of $39.20.

Robinhood Markets Stock Performance

The company has a market capitalization of $35.69 billion, a price-to-earnings ratio of 68.44, a price-to-earnings-growth ratio of 0.76 and a beta of 2.09. The company has a 50-day moving average price of $34.11 and a 200-day moving average price of $26.10.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 earnings per share (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 net margin of 21.80% and a return on equity of 7.52%. The firm’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. As a group, sell-side analysts anticipate that Robinhood Markets, Inc. will post 0.8 earnings per share for the current fiscal year.

Insider Activity at Robinhood Markets

In other news, CTO Jeffrey Tsvi Pinner sold 5,876 shares of Robinhood Markets stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $37.92, for a total transaction of $222,817.92. Following the transaction, the chief technology officer now owns 11,752 shares in the company, valued at $445,635.84. The trade was a 33.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Meyer Malka sold 3,225,806 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total value of $80,870,956.42. Following the sale, the director now directly owns 29,357,336 shares of the company’s stock, valued at approximately $735,988,413.52. The trade was a 9.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,043,565 shares of company stock worth $177,315,305 in the last quarter. Corporate insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Garden State Investment Advisory Services LLC acquired a new stake in shares of Robinhood Markets during the third quarter worth $263,000. Franklin Resources Inc. acquired a new stake in shares of Robinhood Markets in the 3rd quarter valued at about $6,321,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Robinhood Markets in the third quarter valued at about $351,000. Sanctuary Advisors LLC lifted its holdings in shares of Robinhood Markets by 44.1% in the third quarter. Sanctuary Advisors LLC now owns 63,216 shares of the company’s stock valued at $1,481,000 after purchasing an additional 19,345 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in shares of Robinhood Markets by 31.1% during the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after buying an additional 16,219 shares during the period. Institutional investors own 93.27% of the company’s stock.

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.