Robinhood Markets (NASDAQ:HOOD) Stock Price Up 5.3% After Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) rose 5.3% during trading on Tuesday after Barclays raised their price target on the stock from $20.00 to $23.00. Barclays currently has an equal weight rating on the stock. Robinhood Markets traded as high as $24.57 and last traded at $24.56. Approximately 2,845,155 shares traded hands during trading, a decline of 81% from the average daily volume of 15,324,729 shares. The stock had previously closed at $23.32.

A number of other research analysts also recently commented on HOOD. Morgan Stanley boosted their price objective on shares of Robinhood Markets from $20.00 to $21.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 14th. JMP Securities restated a "market outperform" rating and set a $30.00 price target on shares of Robinhood Markets in a report on Thursday, August 8th. Keefe, Bruyette & Woods cut their price objective on Robinhood Markets from $23.00 to $22.00 and set a "market perform" rating for the company in a report on Thursday, August 8th. Wolfe Research raised Robinhood Markets from a "peer perform" rating to an "outperform" rating and set a $29.00 price objective for the company in a research report on Wednesday, June 26th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Robinhood Markets in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Robinhood Markets presently has a consensus rating of "Hold" and an average target price of $23.83.

Insiders Place Their Bets

In other news, Director Baiju Bhatt sold 120,236 shares of the business's stock in a transaction on Friday, July 12th. The shares were sold at an average price of $22.20, for a total value of $2,669,239.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm's stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $22.37, for a total value of $279,625.00. Following the sale, the insider now owns 1,057,500 shares of the company's stock, valued at $23,656,275. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Baiju Bhatt sold 120,236 shares of Robinhood Markets stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $22.20, for a total value of $2,669,239.20. The disclosure for this sale can be found here. Insiders sold 977,389 shares of company stock valued at $18,518,940 over the last 90 days. 19.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in Robinhood Markets by 71.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,923 shares of the company's stock valued at $92,000 after purchasing an additional 1,633 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Robinhood Markets by 20.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 125,600 shares of the company's stock worth $2,942,000 after purchasing an additional 21,100 shares during the period. SG Americas Securities LLC raised its position in shares of Robinhood Markets by 234.6% during the third quarter. SG Americas Securities LLC now owns 35,957 shares of the company's stock valued at $842,000 after buying an additional 25,210 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Robinhood Markets in the third quarter valued at about $714,000. Finally, Centaurus Financial Inc. bought a new position in Robinhood Markets in the second quarter worth $200,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Robinhood Markets Stock Performance

The company has a 50-day simple moving average of $20.61 and a 200-day simple moving average of $20.41. The stock has a market cap of $22.63 billion, a P/E ratio of 169.27 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, beating analysts' consensus estimates 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 net margin of 12.96% and a return on equity of 4.25%. The business's revenue for the quarter was up 40.3% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 0.76 earnings per share for the current fiscal year.

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.