Robinhood Markets (NASDAQ:HOOD) Trading 2.8% Higher on Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price rose 2.8% during trading on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $24.00 to $38.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Robinhood Markets traded as high as $38.03 and last traded at $37.97. Approximately 9,118,401 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 17,012,533 shares. The stock had previously closed at $36.94.

Several other equities analysts have also recently commented on HOOD. Piper Sandler boosted their target price on shares of Robinhood Markets from $36.00 to $42.00 and gave the company an “overweight” rating in a research report on Monday, December 2nd. KeyCorp boosted their target price on shares of Robinhood Markets from $30.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. JMP Securities boosted their target price on shares of Robinhood Markets from $33.00 to $40.00 and gave the company a “market outperform” rating in a research report on Tuesday, November 12th. Finally, Sanford C. Bernstein boosted their target price on shares of Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Robinhood Markets has a consensus rating of “Moderate Buy” and a consensus target price of $39.20.

Insiders Place Their Bets

In other news, Director Baiju Bhatt sold 186,514 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $38.13, for a total value of $7,111,778.82. Following the sale, the director now directly owns 2,521 shares of the company’s stock, valued at approximately $96,125.73. This represents a 98.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $22.37, for a total transaction of $279,625.00. Following the completion of the sale, the insider now directly owns 1,057,500 shares in the company, valued at approximately $23,656,275. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,037,689 shares of company stock valued at $177,092,487 in the last ninety days. 19.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors have recently modified their holdings of HOOD. HM Payson & Co. lifted its position in shares of Robinhood Markets by 53.5% during the 3rd quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock valued at $28,000 after acquiring an additional 410 shares during the period. Eastern Bank acquired a new position in shares of Robinhood Markets during the 3rd quarter valued at $30,000. True Wealth Design LLC acquired a new position in shares of Robinhood Markets during the 3rd quarter valued at $30,000. ORG Wealth Partners LLC acquired a new position in shares of Robinhood Markets during the 3rd quarter valued at $33,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Robinhood Markets during the 2nd quarter valued at $40,000. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Trading Up 3.8 %

The stock’s 50-day moving average is $33.11 and its 200-day moving average is $25.62. The company has a market cap of $33.88 billion, a price-to-earnings ratio of 64.97, a P/E/G ratio of 0.76 and a beta of 2.09.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The company had revenue of $637.00 million for the quarter, compared to analyst estimates of $660.53 million. During the same quarter in the previous year, the firm earned ($0.09) EPS. The firm’s revenue was up 36.4% on a year-over-year basis. As a group, analysts predict that Robinhood Markets, Inc. will post 0.8 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.