Robinhood Markets (NASDAQ:HOOD) Upgraded to Outperform by Wolfe Research

Robinhood Markets (NASDAQ:HOOD) was upgraded by investment analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $29.00 price objective on the stock. Wolfe Research’s target price indicates a potential upside of 30.98% from the stock’s previous close.

A number of other brokerages also recently commented on HOOD. Bank of America raised shares of Robinhood Markets from an “underperform” rating to a “buy” rating and raised their target price for the company from $14.00 to $24.00 in a research note on Friday, May 17th. JMP Securities restated a “market outperform” rating and set a $30.00 price objective on shares of Robinhood Markets in a research note on Friday, June 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Robinhood Markets in a research report on Thursday, June 6th. TheStreet upgraded shares of Robinhood Markets from a “d+” rating to a “c-” rating in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group upped their target price on shares of Robinhood Markets from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.77.

Robinhood Markets Trading Up 3.6 %

Shares of NASDAQ:HOOD opened at $22.14 on Wednesday. The stock’s 50-day moving average price is $19.74 and its two-hundred day moving average price is $16.26. Robinhood Markets has a 12-month low of $7.91 and a 12-month high of $24.28. The firm has a market cap of $19.46 billion, a price-to-earnings ratio of 147.60 and a beta of 1.83.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.05 by $0.13. The company had revenue of $618.00 million during the quarter, compared to analyst estimates of $552.74 million. Robinhood Markets had a return on equity of 1.86% and a net margin of 6.22%. The firm’s revenue was up 40.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.57) earnings per share. As a group, research analysts forecast that Robinhood Markets will post 0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Baiju Bhatt sold 116,669 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $22.02, for a total value of $2,569,051.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Robinhood Markets news, CFO Jason Warnick sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $21.25, for a total value of $106,250.00. Following the transaction, the chief financial officer now owns 1,066,241 shares of the company’s stock, valued at $22,657,621.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Baiju Bhatt sold 116,669 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $22.02, for a total value of $2,569,051.38. The disclosure for this sale can be found here. Insiders have sold a total of 1,486,733 shares of company stock valued at $28,618,091 in the last quarter. Insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HOOD. Angeles Wealth Management LLC grew its position in Robinhood Markets by 5.3% in the 1st quarter. Angeles Wealth Management LLC now owns 12,207 shares of the company’s stock worth $246,000 after purchasing an additional 610 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Robinhood Markets by 46.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock valued at $29,000 after acquiring an additional 722 shares during the period. Commerce Bank raised its stake in Robinhood Markets by 7.9% during the 4th quarter. Commerce Bank now owns 12,459 shares of the company’s stock valued at $159,000 after acquiring an additional 917 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in Robinhood Markets by 4.7% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 23,642 shares of the company’s stock worth $310,000 after acquiring an additional 1,060 shares during the period. Finally, Whittier Trust Co. grew its stake in shares of Robinhood Markets by 25.8% in the first quarter. Whittier Trust Co. now owns 5,828 shares of the company’s stock worth $117,000 after purchasing an additional 1,194 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.