Robinhood Markets (NASDAQ:HOOD) Trading 1.8% Higher – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD) was up 1.8% during mid-day trading on Wednesday . The stock traded as high as $116.60 and last traded at $115.54. Approximately 20,996,553 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 29,931,520 shares. The stock had previously closed at $113.45.

Analyst Upgrades and Downgrades

HOOD has been the subject of several research analyst reports. The Goldman Sachs Group lifted their target price on Robinhood Markets from $121.00 to $137.00 and gave the stock a “buy” rating in a research report on Thursday. Keefe, Bruyette & Woods reduced their price objective on shares of Robinhood Markets from $75.00 to $65.00 and set a “market perform” rating for the company in a research note on Wednesday, April 29th. Morgan Stanley increased their price target on shares of Robinhood Markets from $95.00 to $124.00 and gave the company an “equal weight” rating in a research report on Friday, July 10th. KeyCorp reiterated an “overweight” rating and set a $100.00 price objective on shares of Robinhood Markets in a report on Monday, June 1st. Finally, China Renaissance initiated coverage on Robinhood Markets in a report on Tuesday, July 7th. They issued a “buy” rating for the company. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $118.70.

Robinhood Markets Stock Performance

The firm has a market capitalization of $90.05 billion, a PE ratio of 48.09, a price-to-earnings-growth ratio of 2.44 and a beta of 2.33. The firm’s 50 day moving average price is $93.81 and its 200-day moving average price is $89.01.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the company posted $0.37 earnings per share. The business’s revenue was up 15.1% on a year-over-year basis. On average, equities research analysts expect that Robinhood Markets, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Robinhood Markets

In related news, Director Paula Loop sold 8,336 shares of the business’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $120.00, for a total transaction of $1,000,320.00. Following the completion of the transaction, the director directly owned 63,674 shares of the company’s stock, valued at $7,640,880. The trade was a 11.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Vladimir Tenev sold 375,000 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $116.17, for a total transaction of $43,563,750.00. Following the completion of the sale, the chief executive officer directly owned 375,000 shares in the company, valued at approximately $43,563,750. This represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders acquired 680,000 shares of company stock valued at $55,306,560 and sold 587,875 shares valued at $62,602,915. Insiders own 13.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Truist Financial Corp lifted its stake in shares of Robinhood Markets by 88.9% in the fourth quarter. Truist Financial Corp now owns 145,489 shares of the company’s stock valued at $16,455,000 after purchasing an additional 68,458 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Robinhood Markets by 86.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 100,849 shares of the company’s stock worth $11,406,000 after purchasing an additional 46,688 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Robinhood Markets by 26.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 365,551 shares of the company’s stock worth $44,477,000 after acquiring an additional 76,075 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Robinhood Markets by 196.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 722,857 shares of the company’s stock valued at $81,755,000 after acquiring an additional 478,919 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in Robinhood Markets by 5.2% in the 4th quarter. Nordea Investment Management AB now owns 712,721 shares of the company’s stock valued at $81,585,000 after acquiring an additional 35,471 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Company Profile

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.