Robinhood Markets (NASDAQ:HOOD) Price Target Raised to $23.00 at Citigroup

Robinhood Markets (NASDAQ:HOOD) had its target price lifted by equities research analysts at Citigroup from $19.00 to $23.00 in a report released on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential downside of 3.04% from the company’s previous close.

A number of other analysts have also commented on HOOD. Keefe, Bruyette & Woods reduced their price target on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. KeyCorp upped their price objective on Robinhood Markets from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Robinhood Markets from a “hold” rating to a “buy” rating and lifted their price objective for the company from $21.00 to $24.00 in a research report on Thursday, August 15th. Needham & Company LLC reissued a “hold” rating on shares of Robinhood Markets in a report on Thursday, August 8th. Finally, Wolfe Research raised Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price objective on the stock in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Robinhood Markets has a consensus rating of “Hold” and a consensus price target of $23.43.

Robinhood Markets Stock Performance

Shares of HOOD traded up $1.29 on Friday, reaching $23.72. The stock had a trading volume of 12,480,304 shares, compared to its average volume of 15,530,127. The company has a 50-day simple moving average of $20.48 and a 200-day simple moving average of $20.12. The firm has a market capitalization of $20.85 billion, a price-to-earnings ratio of 158.33 and a beta of 1.82. Robinhood Markets has a 12-month low of $7.91 and a 12-month high of $24.88.

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

Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $16.05, for a total transaction of $4,012,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $16.05, for a total transaction of $4,012,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Baiju Bhatt sold 120,236 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $22.20, for a total value of $2,669,239.20. The disclosure for this sale can be found here. Insiders sold a total of 1,204,096 shares of company stock valued at $23,603,793 over the last 90 days. Insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC grew its position in Robinhood Markets by 37.7% during the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock valued at $173,770,000 after buying an additional 2,094,800 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Robinhood Markets by 169.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,991,586 shares of the company’s stock worth $40,092,000 after acquiring an additional 1,251,495 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Robinhood Markets by 274.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,661,824 shares of the company’s stock valued at $37,341,000 after acquiring an additional 1,218,317 shares during the period. Acadian Asset Management LLC increased its stake in shares of Robinhood Markets by 7,622.2% in the 2nd quarter. Acadian Asset Management LLC now owns 1,040,877 shares of the company’s stock valued at $23,625,000 after purchasing an additional 1,027,398 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Robinhood Markets by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock worth $1,143,960,000 after purchasing an additional 1,003,535 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.