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

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) gapped up before the market opened on Tuesday after Barclays raised their price target on the stock from $49.00 to $54.00. The stock had previously closed at $39.59, but opened at $41.80. Barclays currently has an overweight rating on the stock. Robinhood Markets shares last traded at $42.33, with a volume of 4,721,941 shares trading hands.

Several other research firms have also commented on HOOD. Piper Sandler boosted their price target on Robinhood Markets from $36.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, December 2nd. Sanford C. Bernstein increased their price objective on Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. upgraded Robinhood Markets from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $20.00 to $43.00 in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft upped their target price on Robinhood Markets from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Finally, JMP Securities increased their price target on Robinhood Markets from $33.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus price target of $42.47.

Insider Activity at Robinhood Markets

In other news, Director Baiju Bhatt sold 108,964 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $24.92, for a total transaction of $2,715,382.88. Following the completion of the transaction, the director now directly owns 2,521 shares in the company, valued at $62,823.32. This trade represents a 97.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the firm’s 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. Over the last 90 days, insiders sold 3,609,792 shares of company stock valued at $136,247,178. 19.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. HM Payson & Co. boosted its holdings in 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. Commerce Bank increased its position in shares of Robinhood Markets by 3.3% during the third quarter. Commerce Bank now owns 13,245 shares of the company’s stock worth $310,000 after purchasing an additional 423 shares in the last quarter. Signaturefd LLC increased its position in Robinhood Markets by 16.5% in the 3rd quarter. Signaturefd LLC now owns 3,437 shares of the company’s stock valued at $80,000 after acquiring an additional 487 shares during the period. Castleview Partners LLC increased its position in Robinhood Markets by 18.2% in the 3rd quarter. Castleview Partners LLC now owns 3,788 shares of the company’s stock valued at $89,000 after acquiring an additional 582 shares during the period. Finally, Axxcess Wealth Management LLC increased its position in Robinhood Markets by 3.1% in the 3rd quarter. Axxcess Wealth Management LLC now owns 19,773 shares of the company’s stock valued at $463,000 after acquiring an additional 598 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Stock Performance

The company has a 50-day simple moving average of $37.63 and a 200-day simple moving average of $27.75. The company has a market cap of $40.27 billion, a price-to-earnings ratio of 77.22, a PEG ratio of 0.81 and a beta of 2.07.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The business 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 for the quarter was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) EPS. As a group, equities research analysts forecast that Robinhood Markets, Inc. will post 0.8 EPS for the current 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.