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

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price gapped up before the market opened on Monday after The Goldman Sachs Group raised their price target on the stock from $22.50 to $25.00. The stock had previously closed at $26.27, but opened at $26.90. The Goldman Sachs Group currently has a neutral rating on the stock. Robinhood Markets shares last traded at $26.42, with a volume of 3,221,330 shares.

Several other equities research analysts have also recently commented on HOOD. Deutsche Bank Aktiengesellschaft boosted their target price on Robinhood Markets from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Citigroup increased their target price on shares of Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, September 27th. JMP Securities reiterated a “market outperform” rating and issued a $30.00 price target on shares of Robinhood Markets in a research note on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Robinhood Markets in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their price objective on Robinhood Markets from $16.00 to $17.00 and gave the company an “underweight” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $24.10.

Insider Buying and Selling at Robinhood Markets

In related news, Director Meyer Malka sold 3,225,806 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the sale, the director now owns 29,357,336 shares in the company, valued at approximately $735,988,413.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $16.05, for a total transaction of $4,012,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Meyer Malka sold 3,225,806 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the completion of the transaction, the director now directly owns 29,357,336 shares of the company’s stock, valued at approximately $735,988,413.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,541,250 shares of company stock valued at $107,643,767 in the last ninety days. 19.95% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Robinhood Markets by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock worth $1,143,960,000 after purchasing an additional 1,003,535 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Robinhood Markets by 37.7% in the 2nd quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock valued at $173,770,000 after buying an additional 2,094,800 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Robinhood Markets by 2.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,075,468 shares of the company’s stock worth $92,549,000 after buying an additional 112,967 shares during the period. Bank of New York Mellon Corp grew its holdings in Robinhood Markets by 8.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,410,791 shares of the company’s stock worth $54,749,000 after acquiring an additional 193,585 shares during the last quarter. Finally, Railway Pension Investments Ltd increased its position in Robinhood Markets by 52.6% in the 1st quarter. Railway Pension Investments Ltd now owns 2,393,031 shares of the company’s stock valued at $48,172,000 after acquiring an additional 825,307 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Stock Up 2.9 %

The stock has a market cap of $23.75 billion, a P/E ratio of 178.53 and a beta of 1.84. The company’s 50 day moving average price is $21.08 and its 200-day moving average price is $20.60.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Wednesday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.05. Robinhood Markets had a return on equity of 4.25% and a net margin of 12.96%. The business had revenue of $682.00 million during the quarter, compared to analyst estimates of $640.39 million. During the same period last year, the company earned $0.03 EPS. Robinhood Markets’s revenue for the quarter was up 40.3% compared to the same quarter last year. Equities research analysts anticipate that Robinhood Markets, Inc. will post 0.76 earnings per share for the current year.

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.