Robinhood Markets (NASDAQ:HOOD) Upgraded by JPMorgan Chase & Co. to “Neutral” Rating

JPMorgan Chase & Co. upgraded shares of Robinhood Markets (NASDAQ:HOOD) from an underweight rating to a neutral rating in a report published on Tuesday, MarketBeat reports. The firm currently has $43.00 target price on the stock, up from their prior target price of $20.00.

A number of other brokerages have also commented on HOOD. Piper Sandler boosted their price objective on shares of Robinhood Markets from $36.00 to $42.00 and gave the stock an “overweight” rating in a report on Monday, December 2nd. Barclays upgraded Robinhood Markets from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $26.00 to $49.00 in a research note on Monday, December 9th. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective (up from $40.00) on shares of Robinhood Markets in a report on Monday, December 9th. Morgan Stanley raised Robinhood Markets from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $24.00 to $55.00 in a research report on Monday, November 25th. Finally, Sanford C. Bernstein raised their price target on shares of Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Robinhood Markets currently has a consensus rating of “Moderate Buy” and an average price target of $40.67.

Robinhood Markets Price Performance

Shares of NASDAQ HOOD opened at $40.56 on Tuesday. Robinhood Markets has a 1-year low of $10.38 and a 1-year high of $43.83. The company has a market capitalization of $35.85 billion, a price-to-earnings ratio of 68.75, a PEG ratio of 0.81 and a beta of 2.07. The business has a 50-day moving average of $36.07 and a 200-day moving average of $27.10.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The firm’s revenue was up 36.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) EPS. Research analysts expect that Robinhood Markets will post 0.8 EPS for the current fiscal year.

Insider Activity

In related news, Director Baiju Bhatt sold 228,645 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $40.37, for a total value of $9,230,398.65. Following the sale, the director now owns 5,042 shares of the company’s stock, valued at approximately $203,545.54. This trade represents a 97.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $24.21, for a total value of $6,052,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 3,702,320 shares of company stock valued at $138,594,491. Company insiders own 19.95% of the company’s stock.

Institutional Trading of Robinhood Markets

Several hedge funds have recently bought and sold shares of HOOD. HM Payson & Co. increased its stake in shares of Robinhood Markets by 53.5% in the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock valued at $28,000 after purchasing an additional 410 shares during the period. Eastern Bank bought a new position in Robinhood Markets in the 3rd quarter worth approximately $30,000. True Wealth Design LLC bought a new position in Robinhood Markets in the 3rd quarter worth approximately $30,000. ORG Wealth Partners LLC bought a new stake in Robinhood Markets during the 3rd quarter valued at $33,000. Finally, Connective Portfolio Management LLC acquired a new position in Robinhood Markets during the 3rd quarter worth $47,000. 93.27% of the stock is currently 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.