Robinhood Markets (NASDAQ:HOOD) Trading Up 2.6% – Here’s Why

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price was up 2.6% during mid-day trading on Thursday . The stock traded as high as $137.36 and last traded at $137.08. Approximately 20,213,947 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 39,567,828 shares. The stock had previously closed at $133.64.

Analyst Ratings Changes

HOOD has been the topic of a number of research analyst reports. Bank of America upped their target price on shares of Robinhood Markets from $139.00 to $157.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Mizuho increased their price objective on Robinhood Markets from $145.00 to $172.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Citigroup raised their price objective on Robinhood Markets from $120.00 to $135.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. CICC Research began coverage on Robinhood Markets in a report on Monday, October 27th. They issued an “outperform” rating and a $155.00 target price for the company. Finally, KeyCorp increased their price target on Robinhood Markets from $135.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Robinhood Markets currently has a consensus rating of “Moderate Buy” and an average target price of $136.95.

Robinhood Markets Stock Performance

The firm has a market capitalization of $118.65 billion, a PE ratio of 54.75, a P/E/G ratio of 3.08 and a beta of 2.43. The stock has a fifty day moving average price of $133.29 and a 200-day moving average price of $109.43.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.20. Robinhood Markets had a return on equity of 21.74% and a net margin of 52.19%.The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the business posted $0.17 EPS. The firm’s quarterly revenue was up 100.0% on a year-over-year basis. Research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Daniel Martin Gallagher, Jr. sold 120,000 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $132.13, for a total value of $15,855,600.00. Following the transaction, the insider owned 430,012 shares of the company’s stock, valued at $56,817,485.56. The trade was a 21.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $146.91, for a total transaction of $861,480.24. Following the transaction, the chief technology officer owned 6,088 shares of the company’s stock, valued at approximately $894,388.08. This trade represents a 49.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,099,236 shares of company stock valued at $525,040,481 over the last 90 days. 14.47% of the stock is currently owned by corporate insiders.

Institutional Trading of Robinhood Markets

Several hedge funds and other institutional investors have recently made changes to their positions in HOOD. Hantz Financial Services Inc. raised its stake in Robinhood Markets by 120.3% in the second quarter. Hantz Financial Services Inc. now owns 271 shares of the company’s stock valued at $25,000 after buying an additional 148 shares during the last quarter. Valley National Advisers Inc. increased its holdings in shares of Robinhood Markets by 113.6% during the third quarter. Valley National Advisers Inc. now owns 188 shares of the company’s stock valued at $26,000 after acquiring an additional 100 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Robinhood Markets by 107.6% in the 3rd quarter. Golden State Wealth Management LLC now owns 191 shares of the company’s stock valued at $27,000 after purchasing an additional 99 shares during the last quarter. Smithfield Trust Co purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at approximately $29,000. Finally, Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in Robinhood Markets in the 3rd quarter worth approximately $29,000. 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.