Robinhood Markets (NASDAQ:HOOD) Hits New 52-Week High After Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price reached a new 52-week high on Monday after Piper Sandler raised their price target on the stock from $30.00 to $36.00. Piper Sandler currently has an overweight rating on the stock. Robinhood Markets traded as high as $34.92 and last traded at $34.79, with a volume of 13661611 shares. The stock had previously closed at $32.32.

A number of other research firms 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 report on Monday, August 12th. KeyCorp lifted their price target on Robinhood Markets from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods decreased their price objective on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group reduced their target price on shares of Robinhood Markets from $25.00 to $22.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Finally, Morgan Stanley raised their target price on Robinhood Markets from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.34.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.26, for a total transaction of $4,815,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $19.33, for a total value of $241,625.00. Following the completion of the transaction, the insider now directly owns 1,045,068 shares in the company, valued at approximately $20,201,164.44. The trade was a 1.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,710,549 shares of company stock worth $115,477,194 in the last three months. Company insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in HOOD. HM Payson & Co. raised its position in Robinhood Markets by 53.5% in the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock worth $28,000 after acquiring an additional 410 shares in the last quarter. Eastern Bank bought a new stake in Robinhood Markets during the third quarter worth approximately $30,000. True Wealth Design LLC acquired a new position in Robinhood Markets in the third quarter worth approximately $30,000. ORG Partners LLC bought a new position in shares of Robinhood Markets in the second quarter valued at $33,000. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Robinhood Markets during the 3rd quarter valued at $33,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Stock Performance

The stock has a 50 day moving average of $26.09 and a two-hundred day moving average of $22.62. The stock has a market cap of $31.15 billion, a PE ratio of 59.73, a PEG ratio of 0.77 and a beta of 1.84.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm had revenue of $637.00 million during the quarter, compared to analyst estimates of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The company’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.09) EPS. Analysts expect that Robinhood Markets, Inc. will post 0.72 EPS for the current fiscal 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.