Needham & Company LLC Issues Positive Forecast for Robinhood Markets (NASDAQ:HOOD) Stock Price

Robinhood Markets (NASDAQ:HOOD - Get Free Report) had its target price lifted by analysts at Needham & Company LLC from $58.00 to $71.00 in a research note issued to investors on Wednesday, Marketbeat reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 14.96% from the stock's current price.

Several other research firms have also issued reports on HOOD. Barclays dropped their price target on shares of Robinhood Markets from $76.00 to $45.00 and set an "overweight" rating for the company in a research report on Monday, April 7th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Robinhood Markets from $75.00 to $61.00 and set a "buy" rating for the company in a research report on Wednesday, March 12th. Wolfe Research lowered shares of Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, February 18th. JMP Securities reaffirmed a "market outperform" rating and set a $70.00 price objective on shares of Robinhood Markets in a research note on Thursday, May 1st. Finally, Compass Point began coverage on shares of Robinhood Markets in a research note on Wednesday, March 19th. They set a "buy" rating and a $61.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Robinhood Markets presently has an average rating of "Moderate Buy" and an average target price of $55.41.

Robinhood Markets Trading Up 1.8%

NASDAQ:HOOD traded up $1.08 during mid-day trading on Wednesday, hitting $61.76. The company's stock had a trading volume of 23,851,695 shares, compared to its average volume of 26,397,655. Robinhood Markets has a fifty-two week low of $13.98 and a fifty-two week high of $66.91. The company has a market capitalization of $54.69 billion, a price-to-earnings ratio of 39.34, a P/E/G ratio of 1.05 and a beta of 2.15. The stock has a fifty day moving average of $44.76 and a 200-day moving average of $43.31.

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

Insider Activity

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total value of $31,470,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $60.77, for a total transaction of $3,038,500.00. Following the completion of the transaction, the insider now directly owns 706,642 shares in the company, valued at approximately $42,942,634.34. The trade was a 6.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,947,622 shares of company stock valued at $89,994,656 over the last three months. 14.47% of the stock is owned by insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Empowered Funds LLC raised its holdings in Robinhood Markets by 46.7% in the first quarter. Empowered Funds LLC now owns 49,870 shares of the company's stock worth $2,076,000 after purchasing an additional 15,885 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in Robinhood Markets by 21.4% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 8,379 shares of the company's stock worth $349,000 after purchasing an additional 1,479 shares during the period. Caxton Associates LLP acquired a new stake in Robinhood Markets in the first quarter worth $2,688,000. Fred Alger Management LLC raised its holdings in Robinhood Markets by 164.0% in the first quarter. Fred Alger Management LLC now owns 3,680,960 shares of the company's stock worth $153,202,000 after purchasing an additional 2,286,645 shares during the period. Finally, UniSuper Management Pty Ltd raised its holdings in Robinhood Markets by 21.6% in the first quarter. UniSuper Management Pty Ltd now owns 12,400 shares of the company's stock worth $516,000 after purchasing an additional 2,200 shares during the period. 93.27% of the stock is owned by institutional investors.

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.