Robinhood Markets (NASDAQ:HOOD) Reaches New 52-Week High - Here's What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) shares hit a new 52-week high during trading on Monday . The stock traded as high as $27.84 and last traded at $27.84, with a volume of 385838 shares traded. The stock had previously closed at $27.06.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on HOOD. Needham & Company LLC restated a "hold" rating on shares of Robinhood Markets in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Robinhood Markets from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, September 30th. Barclays increased their price target on shares of Robinhood Markets from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Morgan Stanley increased their price target on shares of Robinhood Markets from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. increased their price target on shares of Robinhood Markets from $17.00 to $21.00 and gave the company an "underweight" rating in a research note on Thursday, October 17th. One 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. According to MarketBeat, Robinhood Markets presently has a consensus rating of "Hold" and an average price target of $24.97.

Robinhood Markets Price Performance

The company has a market capitalization of $24.69 billion, a P/E ratio of 180.40 and a beta of 1.84. The company's 50-day moving average price is $22.84 and its two-hundred day moving average price is $21.15.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.05. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. The business had revenue of $682.00 million for the quarter, compared to analyst estimates of $640.39 million. During the same period last year, the firm earned $0.03 earnings per share. Robinhood Markets's revenue for the quarter was up 40.3% compared to the same quarter last year. On average, analysts anticipate that Robinhood Markets, Inc. will post 0.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Baiju Bhatt sold 98,404 shares of the firm's stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $26.40, for a total transaction of $2,597,865.60. Following the transaction, the director now directly owns 2,521 shares of the company's stock, valued at approximately $66,554.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Robinhood Markets news, Director Baiju Bhatt sold 98,404 shares of the firm's stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $26.40, for a total value of $2,597,865.60. Following the transaction, the director now directly owns 2,521 shares of the company's stock, valued at $66,554.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Meyer Malka sold 3,225,806 shares of the firm's stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the completion of the transaction, the director now directly owns 29,357,336 shares in the company, valued at approximately $735,988,413.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,639,654 shares of company stock valued at $110,241,632. 19.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds have recently bought and sold shares of HOOD. Allspring Global Investments Holdings LLC increased its holdings in Robinhood Markets by 1,211,858.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company's stock valued at $89,410,000 after buying an additional 3,817,355 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Robinhood Markets by 37.7% in the 2nd quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company's stock valued at $173,770,000 after purchasing an additional 2,094,800 shares in the last quarter. Sparta 24 Ltd. boosted its stake in shares of Robinhood Markets by 905.8% in the 3rd quarter. Sparta 24 Ltd. now owns 1,625,158 shares of the company's stock valued at $38,061,000 after purchasing an additional 1,463,578 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Robinhood Markets by 169.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,991,586 shares of the company's stock valued at $40,092,000 after purchasing an additional 1,251,495 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Robinhood Markets by 274.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,661,824 shares of the company's stock valued at $37,341,000 after purchasing an additional 1,218,317 shares in the last quarter. 93.27% of the stock is owned by institutional investors.

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.