Robinhood Markets (NASDAQ:HOOD) Shares Gap Up After Analyst Upgrade

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) gapped up before the market opened on Wednesday after Sanford C. Bernstein raised their price target on the stock from $30.00 to $51.00. The stock had previously closed at $35.24, but opened at $37.00. Sanford C. Bernstein currently has an outperform rating on the stock. Robinhood Markets shares last traded at $36.67, with a volume of 11,851,550 shares trading hands.

Several other equities research analysts also recently weighed in on the stock. Barclays raised their target price on shares of Robinhood Markets from $23.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. KeyCorp increased their price target on Robinhood Markets from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Bank of America upped their price objective on shares of Robinhood Markets from $28.00 to $32.00 and gave the company a “buy” rating in a report on Monday, August 12th. Piper Sandler boosted their target price on shares of Robinhood Markets from $30.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, JMP Securities lifted their price target on Robinhood Markets from $33.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of “Moderate Buy” and an average price target of $28.66.

Insider Transactions at Robinhood Markets

In related news, CFO Jason Warnick sold 25,000 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $20.96, for a total transaction of $524,000.00. Following the transaction, the chief financial officer now owns 1,077,162 shares of the company’s stock, valued at $22,577,315.52. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $19.33, for a total transaction of $241,625.00. Following the completion of the transaction, the insider now owns 1,045,068 shares of the company’s stock, valued at $20,201,164.44. This represents a 1.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,710,549 shares of company stock worth $115,477,194. Company insiders own 19.95% of the company’s stock.

Institutional Trading of Robinhood Markets

Several institutional investors and hedge funds have recently modified their holdings of HOOD. HM Payson & Co. grew its stake in Robinhood Markets by 53.5% during the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock worth $28,000 after buying an additional 410 shares during the period. True Wealth Design LLC acquired a new position in Robinhood Markets during the 3rd quarter valued at approximately $30,000. Eastern Bank acquired a new position in Robinhood Markets during the 3rd quarter valued at about $30,000. ORG Wealth Partners LLC acquired a new position in shares of Robinhood Markets during the third quarter worth approximately $33,000. Finally, ORG Partners LLC acquired a new position in shares of Robinhood Markets during the second quarter valued at $33,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Robinhood Markets Trading Up 2.4 %

The company has a market capitalization of $31.89 billion, a P/E ratio of 61.15, a P/E/G ratio of 0.77 and a beta of 1.84. The business’s 50-day simple moving average is $26.39 and its 200 day simple moving average is $22.71.

Robinhood Markets (NASDAQ:HOOD) last posted 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). Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The business had revenue of $637.00 million for the quarter, compared to the consensus estimate of $660.53 million. During the same quarter last year, the business posted ($0.09) EPS. The business’s revenue for the quarter was up 36.4% on a year-over-year basis. As a group, sell-side analysts predict 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.