Robinhood Markets (NASDAQ:HOOD) Now Covered by Analysts at Piper Sandler

Key Points

• Analysts at Piper Sandler initiated coverage on Robinhood Markets with an "overweight" rating and set a price target of $120.00, indicating a potential upside of 1.27% from the current stock price.
• In addition to Piper Sandler, other analysts have raised their price targets for the stock, with JMP Securities increasing theirs from $125.00 to $130.00.
• Robinhood reported strong quarterly earnings with $0.42 EPS, exceeding analysts' estimates of $0.30, alongside a revenue boost of 45.0% year-over-year.

Analysts at Piper Sandler assumed coverage on shares of Robinhood Markets (NASDAQ:HOOD - Get Free Report) in a research note issued on Wednesday,Benzinga reports. The firm set an "overweight" rating and a $120.00 price target on the stock. Piper Sandler's price target indicates a potential upside of 1.27% from the stock's current price.

A number of other analysts also recently weighed in on the company. JMP Securities increased their price objective on Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. Barclays increased their price target on Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, June 9th. KeyCorp lifted their price objective on shares of Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Keefe, Bruyette & Woods increased their target price on shares of Robinhood Markets from $89.00 to $106.00 and gave the stock a "market perform" rating in a research note on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Robinhood Markets currently has an average rating of "Moderate Buy" and an average target price of $101.88.

Robinhood Markets Stock Up 1.0%

Shares of HOOD stock opened at $118.50 on Wednesday. The firm has a market capitalization of $105.31 billion, a P/E ratio of 60.15, a P/E/G ratio of 4.30 and a beta of 2.36. Robinhood Markets has a twelve month low of $18.83 and a twelve month high of $118.70. The stock's fifty day simple moving average is $104.71 and its 200 day simple moving average is $72.20.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping 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 return on equity of 17.48% and a net margin of 50.13%.Robinhood Markets's quarterly revenue was up 45.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS. As a group, equities research analysts expect that Robinhood Markets will post 1.35 EPS for the current fiscal year.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $109.39, for a total value of $45,761,993.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven M. Quirk sold 60,113 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $100.91, for a total transaction of $6,066,002.83. Following the completion of the sale, the insider owned 94,454 shares of the company's stock, valued at approximately $9,531,353.14. This trade represents a 38.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,355,381 shares of company stock worth $539,335,586. Company insiders own 19.95% of the company's stock.

Institutional Investors Weigh In On Robinhood Markets

A number of hedge funds have recently modified their holdings of HOOD. Whipplewood Advisors LLC raised its holdings in shares of 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 purchasing an additional 508 shares during the period. Hantz Financial Services Inc. grew its stake in Robinhood Markets by 120.3% in the 2nd quarter. Hantz Financial Services Inc. now owns 271 shares of the company's stock valued at $25,000 after buying an additional 148 shares in the last quarter. Hemington Wealth Management grew its stake in Robinhood Markets by 52.2% in the 1st quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after buying an additional 218 shares in the last quarter. Smithfield Trust Co purchased a new position in Robinhood Markets in the 2nd quarter valued at approximately $29,000. Finally, Wayfinding Financial LLC purchased a new position in Robinhood Markets in the 1st quarter valued at approximately $30,000. Institutional investors own 93.27% of the company's stock.

Robinhood Markets Company Profile

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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