Robinhood Markets (NASDAQ:HOOD) Price Target Lowered to $62.00 at Needham & Company LLC

Robinhood Markets (NASDAQ:HOOD - Get Free Report) had its target price reduced by research analysts at Needham & Company LLC from $70.00 to $62.00 in a report issued on Friday, MarketBeat.com reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 48.82% from the stock's current price.

Several other equities analysts also recently commented on the company. The Goldman Sachs Group raised Robinhood Markets from a "neutral" rating to a "buy" rating and upped their price objective for the company from $40.00 to $46.00 in a research report on Friday, December 6th. Keefe, Bruyette & Woods raised their price target on shares of Robinhood Markets from $38.00 to $60.00 and gave the stock a "market perform" rating in a research note on Tuesday, February 18th. Raymond James started coverage on shares of Robinhood Markets in a research report on Wednesday, February 5th. They issued a "market perform" rating for the company. JMP Securities raised their target price on shares of Robinhood Markets from $60.00 to $77.00 and gave the stock a "market outperform" rating in a research report on Thursday, February 13th. Finally, KeyCorp lifted their price target on shares of Robinhood Markets from $57.00 to $75.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Robinhood Markets presently has a consensus rating of "Moderate Buy" and an average price target of $60.82.

Robinhood Markets Price Performance

Shares of Robinhood Markets stock traded down $0.26 during trading on Friday, hitting $41.66. The stock had a trading volume of 26,928,597 shares, compared to its average volume of 21,840,745. Robinhood Markets has a 12 month low of $13.98 and a 12 month high of $66.91. The firm's fifty day simple moving average is $49.16 and its 200-day simple moving average is $38.32. The stock has a market cap of $36.89 billion, a PE ratio of 26.43, a PEG ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. Analysts expect that Robinhood Markets will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Baiju Bhatt sold 522,180 shares of the company's 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 $316,133.40. This represents a 99.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Vladimir Tenev sold 750,000 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total value of $29,370,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,955,655 shares of company stock worth $143,072,448. Corporate insiders own 19.95% of the company's stock.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds and other institutional investors have recently modified their holdings of HOOD. FMR LLC increased its stake in Robinhood Markets by 184.8% during the 4th quarter. FMR LLC now owns 40,237,478 shares of the company's stock valued at $1,499,248,000 after purchasing an additional 26,107,934 shares in the last quarter. Norges Bank purchased a new stake in shares of Robinhood Markets during the fourth quarter valued at $329,598,000. GQG Partners LLC acquired a new position in shares of Robinhood Markets in the 4th quarter valued at $302,325,000. Artisan Partners Limited Partnership acquired a new position in shares of Robinhood Markets in the 4th quarter valued at $152,949,000. Finally, Price T Rowe Associates Inc. MD raised its stake in Robinhood Markets by 335.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company's stock worth $193,202,000 after acquiring an additional 3,994,745 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.