Robinhood Markets (NASDAQ:HOOD) Stock Price Up 6.2% After Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) shares traded up 6.2% during trading on Friday after Citigroup raised their price target on the stock from $19.00 to $23.00. Citigroup currently has a neutral rating on the stock. Robinhood Markets traded as high as $23.90 and last traded at $23.83. 13,517,886 shares were traded during mid-day trading, a decline of 13% from the average session volume of 15,535,676 shares. The stock had previously closed at $22.43.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group increased their target price on Robinhood Markets from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Needham & Company LLC reissued a “hold” rating on shares of Robinhood Markets in a report on Thursday, August 8th. JMP Securities reaffirmed a “market outperform” rating and issued a $30.00 target price on shares of Robinhood Markets in a research note on Thursday, August 8th. Keefe, Bruyette & Woods reduced their target price on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Finally, Barclays raised shares of Robinhood Markets from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $18.00 to $20.00 in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $23.43.

Insider Activity

In related news, Director Baiju Bhatt sold 139,916 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $19.55, for a total value of $2,735,357.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $22.50, for a total value of $5,625,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Baiju Bhatt sold 139,916 shares of Robinhood Markets stock in a transaction on Monday, September 9th. The stock was sold at an average price of $19.55, for a total transaction of $2,735,357.80. The disclosure for this sale can be found here. Insiders have sold a total of 1,204,096 shares of company stock valued at $23,603,793 in the last 90 days. 19.95% of the stock is owned by company insiders.

Institutional Trading of Robinhood Markets

Several hedge funds have recently added to or reduced their stakes in HOOD. Vanguard Group Inc. grew its position in shares of Robinhood Markets by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock valued at $1,143,960,000 after purchasing an additional 1,003,535 shares during the period. Banque Cantonale Vaudoise boosted its stake in Robinhood Markets by 21,404.0% in the 1st quarter. Banque Cantonale Vaudoise now owns 96,768 shares of the company’s stock worth $1,948,000 after purchasing an additional 96,318 shares during the period. UniSuper Management Pty Ltd increased its holdings in Robinhood Markets by 87.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 5,800 shares of the company’s stock worth $117,000 after purchasing an additional 2,700 shares in the last quarter. Wellington Management Group LLP bought a new position in Robinhood Markets during the 4th quarter worth about $8,299,000. Finally, O Neil Global Advisors Inc. bought a new position in shares of Robinhood Markets during the second quarter worth about $2,298,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Stock Up 6.5 %

The firm has a market capitalization of $21.00 billion, a P/E ratio of 159.27 and a beta of 1.82. The stock has a fifty day moving average of $20.49 and a 200-day moving average of $20.17.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.05. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. The company had revenue of $682.00 million during the quarter, compared to the consensus estimate of $640.39 million. During the same period in the prior year, the business posted $0.03 EPS. The company’s quarterly revenue was up 40.3% on a year-over-year basis. Sell-side analysts predict that Robinhood Markets, Inc. will post 0.76 EPS for the current fiscal 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.