Citigroup Raises Robinhood Markets (NASDAQ:HOOD) Price Target to $120.00

Key Points

• Citigroup has raised its target price for Robinhood Markets from $100.00 to $120.00, indicating a potential upside of 16.45% based on current stock prices.
• Analysts have provided mixed ratings, with one sell rating, six hold ratings, and twelve buy ratings, resulting in a consensus rating of "Moderate Buy" with an average target price of $96.29.
• Robinhood Markets reported strong quarterly earnings with $989 million in revenue, significantly surpassing analysts' expectations of $893.93 million.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) had its target price upped by research analysts at Citigroup from $100.00 to $120.00 in a report released on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's price objective would suggest a potential upside of 20.12% from the company's previous close.

Other research analysts have also recently issued reports about the company. KeyCorp upped their price objective on Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Needham & Company LLC upped their price objective on Robinhood Markets from $71.00 to $120.00 and gave the stock a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. increased their target price on Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Compass Point raised their price objective on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Finally, Barclays raised their price objective on Robinhood Markets from $57.00 to $102.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Robinhood Markets presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Robinhood Markets Trading Down 3.1%

Shares of NASDAQ HOOD traded down $3.15 during trading on Thursday, reaching $99.90. 76,566,177 shares of the company traded hands, compared to its average volume of 43,469,824. The firm's fifty day simple moving average is $86.92 and its 200 day simple moving average is $61.89. The stock has a market cap of $88.46 billion, a P/E ratio of 50.71, a PEG ratio of 5.19 and a beta of 2.36. Robinhood Markets has a 12-month low of $13.98 and a 12-month high of $113.44.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.30 by $0.12. Robinhood Markets had a return on equity of 17.69% and a net margin of 50.13%. The business had revenue of $989.00 million during the quarter, compared to analyst estimates of $893.93 million. During the same quarter last year, the business posted $0.21 EPS. The company's revenue was up 45.0% on a year-over-year basis. As a group, research analysts expect that Robinhood Markets will post 1.35 EPS for the current year.

Insider Activity at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $93.88, for a total transaction of $2,347,000.00. Following the completion of the transaction, the insider directly owned 816,887 shares of the company's stock, valued at $76,689,351.56. This trade represents a 2.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven M. Quirk sold 92,257 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $84.96, for a total transaction of $7,838,154.72. Following the transaction, the insider directly owned 136,364 shares of the company's stock, valued at approximately $11,585,485.44. This trade represents a 40.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,026,690 shares of company stock worth $257,160,102. 14.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HOOD. V Square Quantitative Management LLC purchased a new stake in Robinhood Markets in the 2nd quarter worth approximately $36,000. LGT Financial Advisors LLC purchased a new stake in Robinhood Markets in the 2nd quarter worth approximately $37,000. REAP Financial Group LLC grew its stake in Robinhood Markets by 44.1% in the 2nd quarter. REAP Financial Group LLC now owns 523 shares of the company's stock worth $49,000 after acquiring an additional 160 shares during the period. Ameritas Advisory Services LLC purchased a new stake in Robinhood Markets in the 2nd quarter worth approximately $56,000. Finally, Whipplewood Advisors LLC grew its stake in Robinhood Markets by 564.4% in the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock worth $25,000 after acquiring an additional 508 shares during the period. 93.27% of the stock is owned by hedge funds and other 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.