Robinhood Markets (NASDAQ:HOOD) Stock Price Up 2.5% - Here's What Happened

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) shot up 2.5% during trading on Wednesday . The stock traded as high as $39.67 and last traded at $37.25. 21,340,911 shares traded hands during trading, a decline of 34% from the average session volume of 32,489,199 shares. The stock had previously closed at $36.36.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on HOOD shares. Barclays raised their price target on shares of Robinhood Markets from $54.00 to $76.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. The Goldman Sachs Group raised Robinhood Markets from a "neutral" rating to a "buy" rating and increased their target price for the company from $40.00 to $46.00 in a report on Friday, December 6th. KeyCorp increased their price objective on shares of Robinhood Markets from $57.00 to $75.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Wolfe Research lowered shares of Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, February 18th. Finally, Needham & Company LLC lifted their price target on shares of Robinhood Markets from $52.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.31.

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Robinhood Markets Stock Performance

The firm has a fifty day simple moving average of $48.96 and a 200 day simple moving average of $36.25. The company has a market capitalization of $34.47 billion, a PE ratio of 24.77, a P/E/G ratio of 1.05 and a beta of 2.14.

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

Insider Activity

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total value of $29,370,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Baiju Bhatt sold 522,180 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $62.70, for a total value of $32,740,686.00. Following the completion of the sale, the director now owns 5,042 shares of the company's stock, valued at approximately $316,133.40. This trade represents a 99.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,985,127 shares of company stock worth $142,455,378. Corporate insiders own 19.95% of the company's stock.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently modified their holdings of the stock. FMR LLC grew its holdings in Robinhood Markets by 184.8% during the fourth quarter. FMR LLC now owns 40,237,478 shares of the company's stock worth $1,499,248,000 after acquiring an additional 26,107,934 shares during the period. Norges Bank purchased a new position in shares of Robinhood Markets during the 4th quarter valued at approximately $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 purchased a new stake in Robinhood Markets during the fourth quarter worth $152,949,000. Finally, Price T Rowe Associates Inc. MD grew its position in Robinhood Markets by 335.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company's stock valued at $193,202,000 after buying an additional 3,994,745 shares during the period. 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.

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