Citigroup Forecasts Strong Price Appreciation for Robinhood Markets (NASDAQ:HOOD) Stock

Robinhood Markets (NASDAQ:HOOD) had its target price upped by stock analysts at Citigroup from $45.00 to $60.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential downside of 8.09% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Sanford C. Bernstein raised their price target on Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Morgan Stanley raised their price objective on Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a research note on Thursday. Piper Sandler lifted their price target on Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday. JMP Securities lifted their price objective on Robinhood Markets from $60.00 to $77.00 and gave the stock a “market outperform” rating in a research note on Thursday. Finally, The Goldman Sachs Group raised Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Robinhood Markets has an average rating of “Moderate Buy” and an average target price of $58.07.

Robinhood Markets Price Performance

Shares of Robinhood Markets stock opened at $65.28 on Thursday. The business has a fifty day simple moving average of $45.45 and a two-hundred day simple moving average of $32.43. Robinhood Markets has a 1 year low of $13.04 and a 1 year high of $66.91. The company has a market capitalization of $57.71 billion, a price-to-earnings ratio of 110.65, a P/E/G ratio of 0.73 and a beta of 2.13.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. As a group, equities analysts anticipate that Robinhood Markets will post 0.97 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Steven M. Quirk sold 19,861 shares of the company’s stock in a transaction on Sunday, December 1st. The stock was sold at an average price of $37.54, for a total transaction of $745,581.94. Following the completion of the sale, the insider now owns 395,166 shares in the company, valued at approximately $14,834,531.64. This represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Meyer Malka sold 1,535,681 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.11, for a total value of $61,596,164.91. Following the sale, the director now owns 4,974,238 shares of the company’s stock, valued at $199,516,686.18. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,948,427 shares of company stock worth $165,005,244 over the last quarter. 19.95% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Robinhood Markets

Several institutional investors have recently bought and sold shares of HOOD. FMR LLC grew its holdings in Robinhood Markets by 184.8% during the fourth quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after buying an additional 26,107,934 shares in the last quarter. Norges Bank bought a new stake in Robinhood Markets during the fourth quarter worth $329,598,000. GQG Partners LLC bought a new stake in Robinhood Markets during the fourth quarter worth $302,325,000. Artisan Partners Limited Partnership bought a new stake in Robinhood Markets during the fourth quarter worth $152,949,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Robinhood Markets by 335.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company’s stock worth $193,202,000 after buying an additional 3,994,745 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

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.