Robinhood Markets (NASDAQ:HOOD) Price Target Raised to $135.00 at Citigroup

Key Points

• Citigroup has raised the price target for Robinhood Markets (NASDAQ:HOOD) from $120.00 to $135.00, maintaining a "neutral" rating, indicating a potential upside of 8.10% from the current stock price.
• Recent earnings results showed Robinhood surpassed expectations, reporting $0.42 earnings per share and quarterly revenue of $989 million, a 45% increase year-over-year.
• Insider transactions revealed significant selling activity, with Director Baiju Bhatt selling over 1.5 million shares at an average price of approximately $99.98, totaling nearly $157 million.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) had its price target lifted by stock analysts at Citigroup from $120.00 to $135.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's target price points to a potential upside of 8.10% from the stock's current price.

Several other brokerages have also issued reports on HOOD. Redburn Atlantic reaffirmed a "sell" rating and set a $48.00 target price (up from $40.00) on shares of Robinhood Markets in a research report on Monday, June 9th. Cantor Fitzgerald raised their target price on Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Barclays raised their target price on Robinhood Markets from $102.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. KeyCorp raised their target price on Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Needham & Company LLC raised their target price on Robinhood Markets from $71.00 to $120.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $102.81.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $124.89 on Tuesday. The company has a market capitalization of $110.99 billion, a P/E ratio of 63.40, a P/E/G ratio of 4.62 and a beta of 2.36. Robinhood Markets has a 1 year low of $22.05 and a 1 year high of $126.64. The business's 50 day simple moving average is $108.90 and its 200 day simple moving average is $76.89.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.12. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The firm had revenue of $989.00 million during the quarter, compared to analysts' expectations of $893.93 million. During the same period in the prior year, the company earned $0.21 earnings per share. The company's quarterly revenue was up 45.0% on a year-over-year basis. On average, sell-side analysts anticipate that Robinhood Markets will post 1.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Baiju Bhatt sold 1,568,421 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $99.98, for a total value of $156,810,731.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven M. Quirk sold 92,257 shares of Robinhood Markets stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $84.96, for a total value of $7,838,154.72. Following the transaction, the insider directly owned 136,364 shares in the company, valued at approximately $11,585,485.44. The trade was a 40.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,767,855 shares of company stock valued at $588,837,174 over the last quarter. 19.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Robinhood Markets

Institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC increased its stake in Robinhood Markets by 6.4% in the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock worth $2,092,000 after buying an additional 3,032 shares in the last quarter. TD Private Client Wealth LLC grew its position in shares of Robinhood Markets by 184.4% during the first quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock valued at $76,000 after purchasing an additional 1,186 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Robinhood Markets by 3.1% in the 1st quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock valued at $677,000 after acquiring an additional 486 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in Robinhood Markets by 125.9% during the first quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock valued at $799,000 after acquiring an additional 10,703 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC purchased a new position in Robinhood Markets during the first quarter valued at approximately $277,000. Hedge funds and other 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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