Robinhood Markets (NASDAQ:HOOD) Shares Gap Up to $22.14

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) gapped up before the market opened on Wednesday . The stock had previously closed at $22.14, but opened at $22.68. Robinhood Markets shares last traded at $22.88, with a volume of 5,894,476 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HOOD. Barclays increased their price objective on Robinhood Markets from $16.00 to $18.00 and gave the stock an “underweight” rating in a research note on Thursday, May 9th. Wolfe Research upgraded shares of Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price target on the stock in a report on Wednesday. Morgan Stanley boosted their target price on Robinhood Markets from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, May 10th. Deutsche Bank Aktiengesellschaft lifted their price target on Robinhood Markets from $19.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, June 20th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Robinhood Markets in a research report on Wednesday, April 3rd. They set a “market perform” rating and a $20.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, Robinhood Markets currently has an average rating of “Hold” and a consensus target price of $20.77.

Robinhood Markets Trading Up 1.3 %

The stock has a market cap of $19.85 billion, a P/E ratio of 150.60 and a beta of 1.83. The company’s fifty day simple moving average is $19.95 and its 200-day simple moving average is $16.35.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, May 8th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.13. Robinhood Markets had a net margin of 6.22% and a return on equity of 1.86%. The business had revenue of $618.00 million for the quarter, compared to analyst estimates of $552.74 million. During the same quarter in the prior year, the firm earned ($0.57) EPS. The firm’s quarterly revenue was up 40.1% compared to the same quarter last year. As a group, analysts expect that Robinhood Markets, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Baiju Bhatt sold 116,669 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $22.02, for a total value of $2,569,051.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $18.67, for a total transaction of $4,667,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Baiju Bhatt sold 116,669 shares of Robinhood Markets stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $22.02, for a total transaction of $2,569,051.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,486,733 shares of company stock worth $28,618,091. Insiders own 19.95% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

Several hedge funds have recently bought and sold shares of the company. HighTower Advisors LLC lifted its holdings in Robinhood Markets by 19.9% during the third quarter. HighTower Advisors LLC now owns 74,250 shares of the company’s stock worth $729,000 after acquiring an additional 12,318 shares in the last quarter. FMR LLC grew its position in shares of Robinhood Markets by 105.0% in the 3rd quarter. FMR LLC now owns 1,616,446 shares of the company’s stock valued at $15,857,000 after purchasing an additional 827,763 shares during the period. Acadian Asset Management LLC bought a new stake in Robinhood Markets during the 3rd quarter worth approximately $437,000. Mariner LLC raised its holdings in Robinhood Markets by 133.9% during the 3rd quarter. Mariner LLC now owns 112,876 shares of the company’s stock worth $1,107,000 after buying an additional 64,624 shares during the period. Finally, Northern Trust Corp lifted its stake in Robinhood Markets by 37.5% in the third quarter. Northern Trust Corp now owns 3,099,424 shares of the company’s stock valued at $30,405,000 after buying an additional 845,178 shares in the last quarter. 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.