Robinhood Markets (NASDAQ:HOOD) Trading 2.8% Higher on Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) shares rose 2.8% on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $24.00 to $38.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Robinhood Markets traded as high as $38.03 and last traded at $37.97. Approximately 9,118,401 shares changed hands during trading, a decline of 46% from the average daily volume of 17,012,533 shares. The stock had previously closed at $36.94.

Several other brokerages also recently commented on HOOD. JMP Securities upped their target price on shares of Robinhood Markets from $33.00 to $40.00 and gave the company a “market outperform” rating in a research note on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Citigroup upped their target price 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. Barclays raised shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $26.00 to $49.00 in a research report on Monday, December 9th. Finally, The Goldman Sachs Group raised shares of Robinhood Markets from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $46.00 in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Robinhood Markets currently has an average rating of “Moderate Buy” and an average target price of $39.20.

Insider Activity

In other news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $22.88, for a total value of $5,720,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Baiju Bhatt sold 186,514 shares of Robinhood Markets stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $38.13, for a total transaction of $7,111,778.82. Following the completion of the transaction, the director now directly owns 2,521 shares of the company’s stock, valued at approximately $96,125.73. This trade represents a 98.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,037,689 shares of company stock valued at $177,092,487 in the last quarter. Company insiders own 19.95% of the company’s stock.

Institutional Trading of Robinhood Markets

Hedge funds and other institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank boosted its holdings in shares of Robinhood Markets by 31.1% during the 3rd quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after buying an additional 16,219 shares during the period. Baker Avenue Asset Management LP boosted its holdings in shares of Robinhood Markets by 77.9% during the 3rd quarter. Baker Avenue Asset Management LP now owns 464,306 shares of the company’s stock worth $10,874,000 after buying an additional 203,354 shares during the period. Bridgewater Associates LP boosted its holdings in shares of Robinhood Markets by 100.4% during the 3rd quarter. Bridgewater Associates LP now owns 330,956 shares of the company’s stock worth $7,751,000 after buying an additional 165,791 shares during the period. EULAV Asset Management boosted its holdings in shares of Robinhood Markets by 22.2% during the 3rd quarter. EULAV Asset Management now owns 550,000 shares of the company’s stock worth $12,881,000 after buying an additional 100,000 shares during the period. Finally, Blueshift Asset Management LLC boosted its holdings in shares of Robinhood Markets by 376.5% during the 3rd quarter. Blueshift Asset Management LLC now owns 144,941 shares of the company’s stock worth $3,395,000 after buying an additional 114,525 shares during the period. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Stock Performance

The firm’s fifty day moving average is $33.11 and its 200 day moving average is $25.62. The firm has a market cap of $33.88 billion, a P/E ratio of 64.97, a P/E/G ratio of 0.76 and a beta of 2.09.

Robinhood Markets (NASDAQ:HOOD) last issued 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 return on equity of 7.52% and a net margin of 21.80%. The business had revenue of $637.00 million during the quarter, compared to analyst estimates of $660.53 million. During the same quarter last year, the firm earned ($0.09) EPS. Robinhood Markets’s revenue for the quarter was up 36.4% compared to the same quarter last year. As a group, equities research analysts forecast that Robinhood Markets, Inc. will post 0.8 EPS for the current 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.