Robinhood Markets (NASDAQ:HOOD) Sets New 52-Week High Following Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $27.00 to $30.00. Piper Sandler currently has an overweight rating on the stock. Robinhood Markets traded as high as $27.60 and last traded at $27.48, with a volume of 7572192 shares. The stock had previously closed at $26.97.

A number of other equities analysts have also recently weighed in on HOOD. Morgan Stanley boosted their price target on Robinhood Markets from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Thursday, October 17th. Barclays upped their target price on shares of Robinhood Markets from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, October 7th. The Goldman Sachs Group boosted their price objective on shares of Robinhood Markets from $22.50 to $25.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Robinhood Markets from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Monday, September 30th. Finally, Wolfe Research upgraded Robinhood Markets from a "peer perform" rating to an "outperform" rating and set a $29.00 price target for the company in a report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Robinhood Markets presently has a consensus rating of "Hold" and an average target price of $24.97.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Steven M. Quirk sold 208,291 shares of the company's stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $24.98, for a total value of $5,203,109.18. Following the completion of the transaction, the insider now directly owns 346,020 shares in the company, valued at approximately $8,643,579.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction on Monday, August 5th. The stock was sold at an average price of $16.05, for a total transaction of $4,012,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,639,654 shares of company stock worth $110,241,632. 19.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eastern Bank bought a new stake in shares of Robinhood Markets in the third quarter worth $30,000. ORG Wealth Partners LLC acquired a new stake in shares of Robinhood Markets in the 3rd quarter valued at about $33,000. ORG Partners LLC bought a new position in shares of Robinhood Markets during the second quarter worth about $33,000. Allspring Global Investments Holdings LLC acquired a new position in Robinhood Markets in the first quarter worth about $34,000. Finally, International Assets Investment Management LLC bought a new stake in Robinhood Markets in the second quarter valued at about $40,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Stock Up 1.6 %

The company has a 50 day simple moving average of $22.20 and a 200-day simple moving average of $20.91. The stock has a market cap of $24.09 billion, a price-to-earnings ratio of 182.73 and a beta of 1.84.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.05. The firm had revenue of $682.00 million for the quarter, compared to analysts' expectations of $640.39 million. Robinhood Markets had a return on equity of 4.25% and a net margin of 12.96%. The firm's revenue for the quarter was up 40.3% on a year-over-year basis. During the same period last year, the business posted $0.03 earnings per share. On average, equities research analysts expect that Robinhood Markets, Inc. will post 0.76 EPS for the current fiscal year.

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.