JPMorgan Chase & Co. Raises Robinhood Markets (NASDAQ:HOOD) Price Target to $21.00

Robinhood Markets (NASDAQ:HOOD) had its target price increased by JPMorgan Chase & Co. from $17.00 to $21.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 21.73% from the stock’s current price.

A number of other brokerages have also recently issued reports on HOOD. Bank of America boosted their price objective on Robinhood Markets from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Barclays boosted their price objective on Robinhood Markets from $20.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley boosted their price objective on Robinhood Markets from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft upped their price target on Robinhood Markets from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $27.00 price target on shares of Robinhood Markets in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.43.

Robinhood Markets Price Performance

NASDAQ HOOD opened at $26.83 on Thursday. The stock has a market capitalization of $23.58 billion, a price-to-earnings ratio of 178.87 and a beta of 1.84. Robinhood Markets has a one year low of $7.91 and a one year high of $27.33. The business’s fifty day moving average is $22.03 and its 200-day moving average is $20.83.

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

Insiders Place Their Bets

In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $16.05, for a total value of $4,012,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Baiju Bhatt sold 143,944 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $18.73, for a total transaction of $2,696,071.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The disclosure for this sale can be found here. Insiders sold a total of 4,541,250 shares of company stock valued at $107,643,767 over the last quarter. 19.95% of the stock is owned by corporate insiders.

Institutional Trading of Robinhood Markets

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of 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 purchasing an additional 1,003,535 shares during the period. Banque Cantonale Vaudoise raised its holdings in shares of Robinhood Markets by 21,404.0% during the first quarter. Banque Cantonale Vaudoise now owns 96,768 shares of the company’s stock valued at $1,948,000 after acquiring an additional 96,318 shares in the last quarter. UniSuper Management Pty Ltd raised its holdings in shares of Robinhood Markets by 87.1% during the first quarter. UniSuper Management Pty Ltd now owns 5,800 shares of the company’s stock valued at $117,000 after acquiring an additional 2,700 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Robinhood Markets during the fourth quarter valued at approximately $8,299,000. Finally, O Neil Global Advisors Inc. bought a new position in shares of Robinhood Markets during the second quarter valued at approximately $2,298,000. Hedge funds and other 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.