Robinhood Markets (NASDAQ:HOOD) Reaches New 52-Week High Following Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) reached a new 52-week high during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $27.00 to $30.00. Piper Sandler currently has an overweight rating on the stock. Robinhood Markets traded as high as $27.60 and last traded at $27.48, with a volume of 7572192 shares traded. The stock had previously closed at $26.97.

Several other analysts have also recently weighed in on the stock. KeyCorp lifted their price objective on shares of Robinhood Markets from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday. Needham & Company LLC reissued a “hold” rating on shares of Robinhood Markets in a research note on Thursday, August 8th. Wolfe Research raised shares of Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price objective on the stock in a research note on Wednesday, June 26th. Citigroup upped their price objective on shares of Robinhood Markets from $19.00 to $23.00 and gave the company a “neutral” rating in a research note on Friday, September 27th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Robinhood Markets from $17.00 to $21.00 and gave the company an “underweight” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Robinhood Markets currently has an average rating of “Hold” and an average target price of $24.97.

Insider Transactions at Robinhood Markets

In related news, Director Baiju Bhatt sold 98,404 shares of Robinhood Markets stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $26.40, for a total transaction of $2,597,865.60. Following the transaction, the director now directly owns 2,521 shares in the company, valued at approximately $66,554.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $16.05, for a total value of $4,012,500.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Baiju Bhatt sold 98,404 shares of Robinhood Markets stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $26.40, for a total transaction of $2,597,865.60. Following the completion of the transaction, the director now directly owns 2,521 shares in the company, valued at $66,554.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,639,654 shares of company stock worth $110,241,632 in the last ninety days. Insiders own 19.95% of the company’s stock.

Institutional Trading of Robinhood Markets

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Robinhood Markets by 1.8% in the first quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock valued at $1,143,960,000 after buying an additional 1,003,535 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Robinhood Markets by 37.7% during the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock worth $173,770,000 after purchasing an additional 2,094,800 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Robinhood Markets by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,075,468 shares of the company’s stock valued at $92,549,000 after acquiring an additional 112,967 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Robinhood Markets by 1,211,858.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock worth $89,410,000 after acquiring an additional 3,817,355 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Robinhood Markets by 8.7% during the second 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. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Stock Performance

The stock’s fifty day simple moving average is $22.20 and its 200-day simple moving average is $20.91. The company has a market capitalization of $24.18 billion, a PE ratio of 179.80 and a beta of 1.84.

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