Needham & Company LLC Issues Positive Forecast for Robinhood Markets (NASDAQ:HOOD) Stock Price

Key Points

• Needham & Company raised its price target on Robinhood from $97 to $123 and kept a buy rating, implying about 23.9% upside from the prior close.
• Wall Street remains generally bullish on the stock: 21 analysts rate Robinhood a Buy, 5 rate it Hold, and the consensus price target is about $121.13.
• Robinhood shares were down slightly on the day, while recent company updates showed mixed fundamentals—its last quarter missed EPS and revenue estimates, but revenue still rose 15.1% year over year.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) had its price target boosted by investment analysts at Needham & Company LLC from $97.00 to $123.00 in a report released on Tuesday, Marketbeat Ratings reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 23.89% from the company's previous close.

A number of other equities analysts also recently commented on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $110.00 price objective on shares of Robinhood Markets in a research report on Tuesday, June 9th. Zacks Research raised Robinhood Markets from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Piper Sandler reiterated an "overweight" rating on shares of Robinhood Markets in a research report on Thursday, July 2nd. Wall Street Zen raised Robinhood Markets from a "strong sell" rating to a "sell" rating in a research note on Sunday, July 12th. Finally, Morgan Stanley increased their price objective on Robinhood Markets from $95.00 to $124.00 and gave the stock an "equal weight" rating in a research report on Friday, July 10th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $121.13.

Robinhood Markets Stock Down 0.7%

HOOD opened at $99.28 on Tuesday. The business has a 50 day moving average price of $94.63 and a two-hundred day moving average price of $88.77. The company has a market cap of $89.40 billion, a PE ratio of 47.96, a P/E/G ratio of 2.11 and a beta of 2.33. Robinhood Markets has a 52 week low of $63.51 and a 52 week high of $153.86.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.38 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.01). The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.14 billion. Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The firm's revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.37 earnings per share. As a group, sell-side analysts expect that Robinhood Markets will post 1.86 EPS for the current fiscal year.

Insider Buying and Selling at Robinhood Markets

In related news, insider Steven M. Quirk sold 19,377 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $119.96, for a total value of $2,324,464.92. Following the sale, the insider owned 62,612 shares in the company, valued at $7,510,935.52. This represents a 23.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $116.14, for a total value of $1,161,400.00. Following the completion of the transaction, the insider directly owned 471,396 shares of the company's stock, valued at $54,747,931.44. The trade was a 2.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have bought 680,000 shares of company stock worth $55,306,560 and have sold 587,875 shares worth $62,602,915. Insiders own 13.48% of the company's stock.

Institutional Investors Weigh In On Robinhood Markets

Institutional investors and hedge funds have recently made changes to their positions in the business. Truist Financial Corp grew its stake in Robinhood Markets by 88.9% during the 4th quarter. Truist Financial Corp now owns 145,489 shares of the company's stock worth $16,455,000 after buying an additional 68,458 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Robinhood Markets by 86.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 100,849 shares of the company's stock valued at $11,406,000 after buying an additional 46,688 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Robinhood Markets by 26.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 365,551 shares of the company's stock valued at $44,477,000 after acquiring an additional 76,075 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Robinhood Markets by 196.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 722,857 shares of the company's stock valued at $81,755,000 after acquiring an additional 478,919 shares during the period. Finally, Nordea Investment Management AB grew its position in shares of Robinhood Markets by 5.2% during the fourth quarter. Nordea Investment Management AB now owns 712,721 shares of the company's stock worth $81,585,000 after acquiring an additional 35,471 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets News Roundup

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Bernstein raised its price target on Robinhood Markets NASDAQ: HOOD to $160 from $130 and reiterated an Outperform rating, citing upside from retail-trading trends and prediction markets. Analyst raises Robinhood price target in a bold new call
• Positive Sentiment: Another Bernstein-related report said Robinhood’s prediction markets could become a roughly $1.7 billion business, reinforcing the market’s view that new products could add a major growth leg to the company. HOOD Stock Gains After Bernstein Says Prediction Markets Could Become A $1.7B Business For Robinhood
• Positive Sentiment: Interest in Robinhood-linked meme coin trading and broader crypto activity is keeping Robinhood in the spotlight, which may be adding sentiment support for the stock. Trader Turns $80,000 Into $1.25 Million on Robinhood-Linked Meme Coin
• Neutral Sentiment: Robinhood is drawing attention ahead of second-quarter earnings on July 29, with some traders positioning for volatility and using options strategies that reflect uncertainty around results. This Trade Can Work If Robinhood Turns Lower With Earnings On Deck
• Negative Sentiment: One options-focused article suggested the stock could turn lower into earnings, signaling some investors are hedging against a disappointing report. This Trade Can Work If Robinhood Turns Lower With Earnings On Deck

Robinhood Markets Company Profile

Robinhood Markets, Inc NASDAQ: HOOD is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to "democratize finance for all." Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood's core products and services include a mobile app and web platform for trading U.S.

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