Robinhood Markets (NASDAQ:HOOD) Hits New 52-Week High Following Analyst Upgrade

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) hit a new 52-week high during trading on Friday after Barclays raised their price target on the stock from $57.00 to $102.00. Barclays currently has an overweight rating on the stock. Robinhood Markets traded as high as $101.33 and last traded at $100.79, with a volume of 20002246 shares trading hands. The stock had previously closed at $98.70.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. upped 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. Citigroup upped their price objective on Robinhood Markets from $50.00 to $100.00 and gave the company a "neutral" rating in a research note on Monday. Cantor Fitzgerald lifted their target price on Robinhood Markets from $89.00 to $100.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. JMP Securities restated a "market outperform" rating and set a $70.00 price target on shares of Robinhood Markets in a research report on Thursday, May 1st. Finally, Morgan Stanley raised their price objective on shares of Robinhood Markets from $40.00 to $43.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $76.06.

Insider Activity

In other news, Director Christopher D. Payne bought 26,500 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were acquired at an average price of $74.19 per share, with a total value of $1,966,035.00. Following the acquisition, the director owned 26,500 shares of the company's stock, valued at approximately $1,966,035. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven M. Quirk sold 92,257 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $84.96, for a total transaction of $7,838,154.72. Following the transaction, the insider owned 136,364 shares of the company's stock, valued at $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. Over the last 90 days, insiders sold 2,472,702 shares of company stock valued at $179,396,832. 14.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SeaCrest Wealth Management LLC grew its stake in Robinhood Markets by 79.1% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 33,533 shares of the company's stock worth $3,140,000 after buying an additional 14,811 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Robinhood Markets in the second quarter worth $951,479,000. IFM Investors Pty Ltd increased its stake in Robinhood Markets by 27.6% in the second quarter. IFM Investors Pty Ltd now owns 137,434 shares of the company's stock valued at $12,868,000 after acquiring an additional 29,747 shares during the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new stake in Robinhood Markets during the second quarter valued at about $74,000. Finally, Clare Market Investments LLC lifted its stake in Robinhood Markets by 12.0% during the second quarter. Clare Market Investments LLC now owns 25,585 shares of the company's stock worth $2,396,000 after purchasing an additional 2,735 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Trading Up 2.1%

The business has a fifty day moving average price of $72.49 and a 200-day moving average price of $54.91. The stock has a market capitalization of $89.26 billion, a PE ratio of 57.32, a PEG ratio of 4.77 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.04). The firm had revenue of $927.00 million during the quarter, compared to analysts' expectations of $917.12 million. Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. The firm's quarterly revenue was up 50.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 EPS. On average, equities analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

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.

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