Robinhood Markets (NASDAQ:HOOD) Price Target Raised to $71.00

Robinhood Markets (NASDAQ:HOOD) had its price objective boosted by stock analysts at Needham & Company LLC from $58.00 to $71.00 in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 13.47% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. KeyCorp dropped their target price on shares of Robinhood Markets from $75.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Compass Point started coverage on Robinhood Markets in a research report on Wednesday, March 19th. They issued a “buy” rating and a $61.00 price target on the stock. Barclays lowered their price objective on Robinhood Markets from $76.00 to $45.00 and set an “overweight” rating for the company in a research note on Monday, April 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $60.00 price target on shares of Robinhood Markets in a research report on Thursday, March 27th. Finally, JPMorgan Chase & Co. upped their target price on shares of Robinhood Markets from $44.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Robinhood Markets currently has a consensus rating of “Moderate Buy” and an average price target of $54.18.

Robinhood Markets Trading Up 9.0%

Shares of Robinhood Markets stock opened at $62.57 on Wednesday. The business’s 50-day moving average price is $43.92 and its 200-day moving average price is $42.96. The firm has a market capitalization of $55.40 billion, a PE ratio of 39.85, a price-to-earnings-growth ratio of 1.05 and a beta of 2.15. Robinhood Markets has a 12 month low of $13.98 and a 12 month high of $66.91.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The business had revenue of $927.00 million for the quarter, compared to analysts’ expectations of $917.12 million. During the same period last year, the business posted $0.18 earnings per share. The company’s revenue was up 50.0% compared to the same quarter last year. As a group, analysts predict that Robinhood Markets will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $46.81, for a total value of $273,978.93. Following the completion of the sale, the chief technology officer now owns 17,559 shares in the company, valued at approximately $821,936.79. This trade represents a 25.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Baiju Bhatt sold 522,180 shares of Robinhood Markets stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $62.70, for a total transaction of $32,740,686.00. Following the transaction, the director now directly owns 5,042 shares of the company’s stock, valued at approximately $316,133.40. This represents a 99.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,362,194 shares of company stock valued at $116,234,743. 14.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. FMR LLC raised its holdings in shares of 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 buying an additional 26,107,934 shares during the period. Norges Bank purchased a new stake in Robinhood Markets in the fourth quarter worth $329,598,000. GQG Partners LLC bought a new stake in shares of Robinhood Markets during the fourth quarter worth $302,325,000. Vanguard Group Inc. boosted its stake in shares of Robinhood Markets by 8.6% during the first quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company’s stock valued at $3,089,914,000 after purchasing an additional 5,874,701 shares during the period. Finally, AGF Management Ltd. grew its holdings in shares of Robinhood Markets by 286.0% in the first quarter. AGF Management Ltd. now owns 5,743,715 shares of the company’s stock worth $239,053,000 after purchasing an additional 4,255,862 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.