Robinhood Markets (NASDAQ:HOOD) Stock Rating Upgraded by The Goldman Sachs Group

Robinhood Markets (NASDAQ:HOOD) was upgraded by equities researchers at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage presently has a $46.00 price objective on the stock, up from their prior price objective of $40.00. The Goldman Sachs Group’s target price indicates a potential upside of 10.39% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler raised their price target on shares of Robinhood Markets from $36.00 to $42.00 and gave the company an “overweight” rating in a report on Monday, December 2nd. Keefe, Bruyette & Woods lowered their price target on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC upgraded shares of Robinhood Markets from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, November 18th. Finally, Sanford C. Bernstein raised their price target on shares of Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Robinhood Markets has an average rating of “Moderate Buy” and an average target price of $35.80.

Robinhood Markets Stock Performance

NASDAQ HOOD opened at $41.67 on Friday. The company has a market capitalization of $36.84 billion, a price-to-earnings ratio of 70.63, a price-to-earnings-growth ratio of 0.93 and a beta of 2.09. The company’s 50-day simple moving average is $30.09 and its two-hundred day simple moving average is $24.33. Robinhood Markets has a one year low of $10.38 and a one year high of $42.76.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The business had revenue of $637.00 million for the quarter, compared to analysts’ expectations of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The company’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same period last year, the business posted ($0.09) EPS. Equities analysts expect that Robinhood Markets will post 0.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Robinhood Markets news, Director Baiju Bhatt sold 139,916 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $19.55, for a total transaction of $2,735,357.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Meyer Malka sold 1,535,681 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.11, for a total transaction of $61,596,164.91. Following the sale, the director now owns 4,974,238 shares in the company, valued at $199,516,686.18. This trade represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,991,091 shares of company stock worth $172,716,066 over the last three months. Company insiders own 19.95% of the company’s stock.

Institutional Trading of Robinhood Markets

Large investors have recently made changes to their positions in the company. Baker Avenue Asset Management LP increased its stake in Robinhood Markets by 77.9% in the third quarter. Baker Avenue Asset Management LP now owns 464,306 shares of the company’s stock valued at $10,874,000 after purchasing an additional 203,354 shares during the last quarter. Bridgewater Associates LP lifted its holdings in shares of Robinhood Markets by 100.4% during the third quarter. Bridgewater Associates LP now owns 330,956 shares of the company’s stock worth $7,751,000 after purchasing an additional 165,791 shares during the period. EULAV Asset Management lifted its holdings in shares of Robinhood Markets by 22.2% during the third quarter. EULAV Asset Management now owns 550,000 shares of the company’s stock worth $12,881,000 after purchasing an additional 100,000 shares during the period. Blueshift Asset Management LLC lifted its holdings in shares of Robinhood Markets by 376.5% during the third quarter. Blueshift Asset Management LLC now owns 144,941 shares of the company’s stock worth $3,395,000 after purchasing an additional 114,525 shares during the period. Finally, Aigen Investment Management LP acquired a new stake in shares of Robinhood Markets during the third quarter worth $770,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

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.