Robinhood Markets (NASDAQ:HOOD) Stock Price Up 1.9% – Here’s Why

Robinhood Markets, Inc. (NASDAQ:HOOD) was up 1.9% on Thursday . The company traded as high as $38.68 and last traded at $37.80. Approximately 7,552,197 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 16,974,037 shares. The stock had previously closed at $37.08.

Wall Street Analyst Weigh In

A number of brokerages recently commented on HOOD. Barclays raised Robinhood Markets from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $26.00 to $49.00 in a research report on Monday, December 9th. JMP Securities lifted their target price on Robinhood Markets from $33.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Tuesday, November 12th. Piper Sandler lifted their price objective on shares of Robinhood Markets from $36.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, December 2nd. Deutsche Bank Aktiengesellschaft raised their price target on shares of Robinhood Markets from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Finally, Sanford C. Bernstein increased their target price on shares of Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. One 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $38.13.

Robinhood Markets Stock Performance

The stock has a market capitalization of $32.56 billion, a P/E ratio of 62.42, a PEG ratio of 0.76 and a beta of 2.09. The business has a 50-day moving average price of $32.64 and a 200 day moving average price of $25.42.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. Robinhood Markets’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.09) EPS. As a group, research analysts forecast that Robinhood Markets, Inc. will post 0.8 earnings per share for the current fiscal year.

Insider Activity

In other Robinhood Markets news, Director Baiju Bhatt sold 98,404 shares of Robinhood Markets stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $26.40, for a total value of $2,597,865.60. Following the transaction, the director now directly owns 2,521 shares of the company’s stock, valued at approximately $66,554.40. The trade was a 97.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Meyer Malka sold 3,225,806 shares of Robinhood Markets stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the completion of the sale, the director now owns 29,357,336 shares of the company’s stock, valued at $735,988,413.52. This trade represents a 9.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,037,689 shares of company stock worth $177,092,487 over the last quarter. Insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank grew its stake in shares of Robinhood Markets by 31.1% in the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock valued at $1,602,000 after buying an additional 16,219 shares in the last quarter. Baker Avenue Asset Management LP increased its position in Robinhood Markets by 77.9% in the 3rd quarter. Baker Avenue Asset Management LP now owns 464,306 shares of the company’s stock valued at $10,874,000 after acquiring an additional 203,354 shares during the period. Bridgewater Associates LP lifted its position 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 valued at $7,751,000 after acquiring an additional 165,791 shares during the period. EULAV Asset Management lifted its position in shares of Robinhood Markets by 22.2% in the third quarter. EULAV Asset Management now owns 550,000 shares of the company’s stock valued at $12,881,000 after acquiring an additional 100,000 shares in the last quarter. Finally, Blueshift Asset Management LLC raised its holdings in Robinhood Markets by 376.5% in the 3rd quarter. Blueshift Asset Management LLC now owns 144,941 shares of the company’s stock valued at $3,395,000 after acquiring an additional 114,525 shares during the last quarter. Hedge funds and other 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.