Robinhood Markets (NASDAQ:HOOD) Price Target Raised to $51.00

Robinhood Markets (NASDAQ:HOOD) had its price objective raised by Sanford C. Bernstein from $30.00 to $51.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages also recently commented on HOOD. Barclays upped their price objective on shares of Robinhood Markets from $23.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Bank of America raised their price objective 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 target price on Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Morgan Stanley increased their target price on Robinhood Markets from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Finally, KeyCorp lifted their price target on Robinhood Markets from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.66.

Robinhood Markets Stock Performance

Shares of HOOD stock opened at $36.65 on Wednesday. Robinhood Markets has a 1 year low of $8.13 and a 1 year high of $38.11. The firm has a market cap of $32.40 billion, a price-to-earnings ratio of 62.12, a PEG ratio of 0.82 and a beta of 1.84. The stock’s 50-day moving average is $26.96 and its two-hundred day moving average is $22.96.

Robinhood Markets (NASDAQ:HOOD) last announced its 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 business had revenue of $637.00 million during 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 business’s revenue was up 36.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.09) earnings per share. As a group, research analysts predict that Robinhood Markets will post 0.74 EPS for the current year.

Insider Transactions 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 shares were sold at an average price of $24.92, for a total value of $2,715,382.88. Following the transaction, the director now owns 2,521 shares of the company’s stock, valued at approximately $62,823.32. This trade represents a 97.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Meyer Malka sold 3,225,806 shares of Robinhood Markets stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the transaction, the director now owns 29,357,336 shares in the company, valued at $735,988,413.52. The trade was a 9.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,710,549 shares of company stock worth $115,477,194 in the last ninety days. Insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HOOD. Allspring Global Investments Holdings LLC grew its stake in shares of Robinhood Markets by 1,211,858.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock valued at $89,410,000 after acquiring an additional 3,817,355 shares in the last quarter. Azora Capital LP acquired a new stake in Robinhood Markets during the 3rd quarter valued at approximately $79,780,000. FMR LLC increased its holdings in Robinhood Markets by 31.3% during the 3rd quarter. FMR LLC now owns 14,129,544 shares of the company’s stock worth $330,914,000 after purchasing an additional 3,368,118 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Robinhood Markets by 37.7% in the 2nd quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock valued at $173,770,000 after purchasing an additional 2,094,800 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Robinhood Markets by 19.5% during the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock valued at $271,708,000 after buying an additional 1,895,427 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

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.