Robinhood Markets (NASDAQ:HOOD) Stock Price Up 2.3%

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price rose 2.3% during mid-day trading on Tuesday . The company traded as high as $21.89 and last traded at $21.87. Approximately 3,414,269 shares traded hands during trading, a decline of 79% from the average daily volume of 16,384,906 shares. The stock had previously closed at $21.37.

Analyst Ratings Changes

HOOD has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Robinhood Markets from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Thursday, June 20th. Bank of America upgraded shares of Robinhood Markets from an “underperform” rating to a “buy” rating and raised their price target for the company from $14.00 to $24.00 in a research note on Friday, May 17th. Keefe, Bruyette & Woods assumed coverage on shares of Robinhood Markets in a research note on Wednesday, April 3rd. They issued a “market perform” rating and a $20.00 price target on the stock. KeyCorp raised their price target on shares of Robinhood Markets from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Finally, Wolfe Research upgraded shares of Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price target on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.77.

Robinhood Markets Stock Performance

The business’s fifty day moving average is $19.84 and its 200-day moving average is $16.30. The firm has a market cap of $19.61 billion, a P/E ratio of 148.73 and a beta of 1.83.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.13. Robinhood Markets had a net margin of 6.22% and a return on equity of 1.86%. The firm had revenue of $618.00 million during the quarter, compared to analyst estimates of $552.74 million. During the same quarter last year, the business earned ($0.57) EPS. The company’s revenue was up 40.1% compared to the same quarter last year. Analysts predict that Robinhood Markets, Inc. will post 0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Robinhood Markets news, Director Baiju Bhatt sold 121,226 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $21.63, for a total transaction of $2,622,118.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Baiju Bhatt sold 121,226 shares of Robinhood Markets stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $21.63, for a total value of $2,622,118.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jason Warnick sold 5,000 shares of Robinhood Markets stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.59, for a total transaction of $97,950.00. Following the completion of the sale, the chief financial officer now owns 1,002,407 shares of the company’s stock, valued at approximately $19,637,153.13. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,486,733 shares of company stock worth $28,618,091. 19.95% of the stock is currently owned by insiders.

Institutional Trading of Robinhood Markets

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Robinhood Markets by 4.5% in the 3rd quarter. Vanguard Group Inc. now owns 57,261,184 shares of the company’s stock valued at $561,732,000 after acquiring an additional 2,459,702 shares in the last quarter. ARK Investment Management LLC grew its position in Robinhood Markets by 6.4% in the 4th quarter. ARK Investment Management LLC now owns 34,936,204 shares of the company’s stock valued at $445,087,000 after purchasing an additional 2,101,325 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in Robinhood Markets by 9.4% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 29,205,693 shares of the company’s stock valued at $372,081,000 after purchasing an additional 2,517,012 shares during the period. Nikko Asset Management Americas Inc. grew its position in Robinhood Markets by 9.6% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 28,297,822 shares of the company’s stock valued at $360,514,000 after purchasing an additional 2,486,986 shares during the period. Finally, Norges Bank acquired a new stake in Robinhood Markets in the 4th quarter valued at $84,165,000. Institutional investors 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.