Robinhood Markets (NASDAQ:HOOD) Hits New 52-Week High - Should You Buy?

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $67.13 and last traded at $66.15, with a volume of 10995997 shares trading hands. The stock had previously closed at $63.17.

Wall Street Analyst Weigh In

HOOD has been the topic of several research analyst reports. Cantor Fitzgerald cut their price objective on Robinhood Markets from $62.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft boosted their price objective on Robinhood Markets from $54.00 to $64.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Piper Sandler boosted their price objective on Robinhood Markets from $54.00 to $75.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. KeyCorp cut their price objective on Robinhood Markets from $75.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, JMP Securities reiterated a "market outperform" rating and issued a $70.00 price objective on shares of Robinhood Markets in a report on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.41.

Robinhood Markets Stock Performance

The company has a 50-day moving average price of $48.62 and a 200-day moving average price of $45.48. The firm has a market capitalization of $57.77 billion, a price-to-earnings ratio of 41.79, a PEG ratio of 1.05 and a beta of 2.15.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data 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 business had revenue of $927.00 million for the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The company's revenue was up 50.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 earnings per share. On average, research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity at Robinhood Markets

In related news, Director Meyer Malka sold 64,951 shares of the company's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $49.64, for a total value of $3,224,167.64. Following the completion of the sale, the director now directly owns 3,235,585 shares of the company's stock, valued at $160,614,439.40. This represents a 1.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Tenev sold 750,000 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total value of $31,470,000.00. The disclosure for this sale can be found here. Insiders sold a total of 2,192,688 shares of company stock valued at $107,043,646 in the last three months. 14.47% of the stock is currently owned by company insiders.

Institutional Trading of Robinhood Markets

Hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its position in Robinhood Markets by 601.1% during the 4th quarter. IFP Advisors Inc now owns 4,396 shares of the company's stock worth $164,000 after acquiring an additional 3,769 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Robinhood Markets by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company's stock worth $175,857,000 after acquiring an additional 138,267 shares during the period. Aigen Investment Management LP lifted its position in Robinhood Markets by 161.2% during the 4th quarter. Aigen Investment Management LP now owns 85,868 shares of the company's stock worth $3,199,000 after acquiring an additional 52,988 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Robinhood Markets by 19.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,557,301 shares of the company's stock worth $179,463,000 after acquiring an additional 739,631 shares during the period. Finally, Allegiance Financial Group Advisory Services LLC acquired a new stake in Robinhood Markets during the 4th quarter worth approximately $207,000. 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.