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

Robinhood Markets, Inc. (NASDAQ:HOOD) gapped up before the market opened on Monday after The Goldman Sachs Group raised their price target on the stock from $22.50 to $25.00. The stock had previously closed at $26.27, but opened at $26.90. The Goldman Sachs Group currently has a neutral rating on the stock. Robinhood Markets shares last traded at $26.42, with a volume of 3,221,330 shares trading hands.

HOOD has been the subject of several other research reports. Barclays upped their price objective on shares of Robinhood Markets from $20.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Bank of America upped their price objective on shares of Robinhood Markets from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Robinhood Markets from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Morgan Stanley increased their price target on shares of Robinhood Markets from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. Finally, JMP Securities reissued a “market outperform” rating and issued a $30.00 price target on shares of Robinhood Markets in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $24.10.

Insiders Place Their Bets

In other news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $16.05, for a total transaction of $4,012,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $16.05, for a total transaction of $4,012,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Meyer Malka sold 3,225,806 shares of Robinhood Markets stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the sale, the director now owns 29,357,336 shares of the company’s stock, valued at approximately $735,988,413.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,541,250 shares of company stock worth $107,643,767. Insiders own 19.95% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors have recently bought and sold shares of HOOD. Renaissance Technologies LLC grew its holdings in Robinhood Markets by 37.7% in the second 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 during the period. Price T Rowe Associates Inc. MD lifted its position in Robinhood Markets by 169.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,991,586 shares of the company’s stock valued at $40,092,000 after buying an additional 1,251,495 shares in the last quarter. AQR Capital Management LLC lifted its position in Robinhood Markets by 274.7% during the second quarter. AQR Capital Management LLC now owns 1,661,824 shares of the company’s stock valued at $37,341,000 after buying an additional 1,218,317 shares in the last quarter. Acadian Asset Management LLC lifted its position in Robinhood Markets by 7,622.2% during the second quarter. Acadian Asset Management LLC now owns 1,040,877 shares of the company’s stock valued at $23,625,000 after buying an additional 1,027,398 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Robinhood Markets by 1.8% during the first quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock valued at $1,143,960,000 after buying an additional 1,003,535 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Price Performance

The stock has a market capitalization of $23.55 billion, a price-to-earnings ratio of 178.67 and a beta of 1.84. The business’s 50-day simple moving average is $21.49 and its two-hundred day simple moving average is $20.69.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.05. The firm had revenue of $682.00 million for the quarter, compared to analysts’ expectations of $640.39 million. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. Robinhood Markets’s revenue was up 40.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 earnings per share. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 0.76 EPS for the current year.

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.