Needham & Company LLC Forecasts Strong Price Appreciation for Robinhood Markets (NASDAQ:HOOD) Stock

Key Points

• Needham & Company LLC has raised its price target for Robinhood Markets from $71.00 to $120.00, indicating a potential upside of 17.11% from the previous close.
• Robinhood reported quarterly earnings of $0.42 per share, exceeding analyst expectations of $0.30, and achieved a revenue of $989.00 million, up 45.0% from the previous year.
• CEO Vladimir Tenev sold 385,485 shares of Robinhood stock, while insiders have collectively sold over 3 million shares in the last quarter, signifying notable transactions among company leadership.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) had its price objective upped by equities research analysts at Needham & Company LLC from $71.00 to $120.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 20.12% from the stock's previous close.

A number of other equities research analysts also recently weighed in on HOOD. Citigroup boosted their price objective on shares of Robinhood Markets from $50.00 to $100.00 and gave the company a "neutral" rating in a research report on Monday, July 7th. KeyCorp boosted their price objective on shares of Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Compass Point boosted their price objective on shares of Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Mizuho boosted their price objective on shares of Robinhood Markets from $80.00 to $99.00 and gave the company an "outperform" rating in a research report on Tuesday, July 1st. Finally, Cantor Fitzgerald upped their target price on shares of Robinhood Markets from $89.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. 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 company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $96.29.

Robinhood Markets Trading Down 3.1%

HOOD stock traded down $3.15 during trading on Thursday, reaching $99.90. The stock had a trading volume of 76,566,177 shares, compared to its average volume of 43,469,824. Robinhood Markets has a 1-year low of $13.98 and a 1-year high of $113.44. The company has a market capitalization of $88.46 billion, a P/E ratio of 50.71, a PEG ratio of 5.19 and a beta of 2.36. The firm has a fifty day moving average price of $86.92 and a 200 day moving average price of $61.89.

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

Insider Activity

In related news, insider Steven M. Quirk sold 104,887 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total transaction of $7,356,774.18. Following the completion of the sale, the insider directly owned 228,621 shares of the company's stock, valued at $16,035,476.94. This represents a 31.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $74.29, for a total transaction of $31,078,330.02. Following the sale, the director directly owned 7,863 shares of the company's stock, valued at approximately $584,142.27. This represents a 98.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,026,690 shares of company stock worth $257,160,102 over the last three months. Corporate insiders own 14.47% of the company's stock.

Institutional Trading of Robinhood Markets

Several institutional investors and hedge funds have recently added to or reduced their stakes in HOOD. American Century Companies Inc. lifted its stake in Robinhood Markets by 73.4% during the fourth quarter. American Century Companies Inc. now owns 90,922 shares of the company's stock valued at $3,388,000 after purchasing an additional 38,495 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Robinhood Markets by 2.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 191,105 shares of the company's stock valued at $7,121,000 after purchasing an additional 3,992 shares during the last quarter. Orion Portfolio Solutions LLC lifted its position in shares of Robinhood Markets by 64.0% in the 4th quarter. Orion Portfolio Solutions LLC now owns 16,179 shares of the company's stock valued at $603,000 after acquiring an additional 6,312 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Robinhood Markets in the 4th quarter valued at approximately $25,491,000. Finally, Schroder Investment Management Group purchased a new stake in shares of Robinhood Markets in the 4th quarter valued at approximately $8,202,000. 93.27% of the stock is owned by institutional investors and hedge funds.

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.