Citigroup Issues Positive Forecast for Robinhood Markets (NASDAQ:HOOD) Stock Price

Robinhood Markets (NASDAQ:HOOD) had its price target raised by research analysts at Citigroup from $45.00 to $60.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential downside of 2.32% from the company’s previous close.

Other analysts have also issued reports about the stock. The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. Morgan Stanley increased their price target on Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. increased their target price on Robinhood Markets from $39.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday. Mizuho upped their price target on shares of Robinhood Markets from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, KeyCorp raised their price objective on shares of Robinhood Markets from $57.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Robinhood Markets has an average rating of “Moderate Buy” and a consensus price target of $58.07.

Robinhood Markets Stock Performance

Shares of Robinhood Markets stock traded up $5.51 during midday trading on Thursday, reaching $61.42. 49,224,613 shares of the company’s stock traded hands, compared to its average volume of 22,734,459. The stock has a 50 day moving average of $44.48 and a 200-day moving average of $31.90. The company has a market cap of $54.30 billion, a PE ratio of 104.11, a price-to-earnings-growth ratio of 0.73 and a beta of 2.13. Robinhood Markets has a 12 month low of $12.77 and a 12 month high of $66.91.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. On average, equities analysts anticipate that Robinhood Markets will post 0.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $37.51, for a total transaction of $11,253,000.00. Following the sale, the insider now owns 806,955 shares of the company’s stock, valued at $30,268,882.05. This represents a 27.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Meyer Malka sold 1,535,681 shares of Robinhood Markets stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.11, for a total value of $61,596,164.91. Following the completion of the transaction, the director now owns 4,974,238 shares of the company’s stock, valued at approximately $199,516,686.18. This represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,948,427 shares of company stock worth $165,005,244. 19.95% of the stock is owned by insiders.

Institutional Investors Weigh In On Robinhood Markets

Institutional investors have recently made changes to their positions in the company. FMR LLC lifted its stake in Robinhood Markets by 184.8% in the fourth quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after purchasing an additional 26,107,934 shares during the last quarter. Norges Bank purchased a new position in Robinhood Markets during the 4th quarter valued at $329,598,000. GQG Partners LLC purchased a new stake in Robinhood Markets in the fourth quarter worth $302,325,000. Artisan Partners Limited Partnership bought a new stake in shares of Robinhood Markets during the fourth quarter worth $152,949,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Robinhood Markets by 1,211,858.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock worth $89,410,000 after purchasing an additional 3,817,355 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

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.