Robinhood Markets (NASDAQ:HOOD) Shares Gap Up – Here’s What Happened

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) gapped up prior to trading on Thursday . The stock had previously closed at $37.26, but opened at $38.54. Robinhood Markets shares last traded at $39.57, with a volume of 4,976,410 shares traded.

Wall Street Analyst Weigh In

HOOD has been the subject of a number of recent research reports. KeyCorp upped their target price on Robinhood Markets from $30.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective (up from $40.00) on shares of Robinhood Markets in a report on Monday, December 9th. Barclays raised shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $26.00 to $49.00 in a research note on Monday, December 9th. JMP Securities raised their price target on shares of Robinhood Markets from $33.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Tuesday, November 12th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $39.20.

Robinhood Markets Stock Up 4.8 %

The business’s fifty day moving average is $35.52 and its two-hundred day moving average is $26.76. The firm has a market cap of $36.55 billion, a price-to-earnings ratio of 70.09, a price-to-earnings-growth ratio of 0.81 and a beta of 2.09.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). The firm had revenue of $637.00 million for the quarter, compared to the consensus estimate of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The business’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) earnings per share. Research analysts forecast that Robinhood Markets, Inc. will post 0.8 EPS for the current year.

Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $24.21, for a total value of $6,052,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,876 shares of Robinhood Markets stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $37.92, for a total transaction of $222,817.92. Following the completion of the transaction, the chief technology officer now directly owns 11,752 shares of the company’s stock, valued at approximately $445,635.84. This trade represents a 33.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,807,772 shares of company stock valued at $211,393,158. 19.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors and hedge funds have recently modified their holdings of HOOD. Allspring Global Investments Holdings LLC raised its position in shares of Robinhood Markets by 1,211,858.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock valued at $89,410,000 after buying an additional 3,817,355 shares in the last quarter. Azora Capital LP bought a new position in shares of Robinhood Markets in the third quarter worth $79,780,000. FMR LLC raised its stake in Robinhood Markets by 31.3% in the third quarter. FMR LLC now owns 14,129,544 shares of the company’s stock valued at $330,914,000 after purchasing an additional 3,368,118 shares in the last quarter. Renaissance Technologies LLC grew its stake in Robinhood Markets by 37.7% during the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock worth $173,770,000 after buying an additional 2,094,800 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Robinhood Markets by 19.5% during the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock worth $271,708,000 after acquiring an additional 1,895,427 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Company Profile

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.