Robinhood Markets (NASDAQ:HOOD) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) saw unusually-high trading volume on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $44.00 to $47.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Approximately 30,953,795 shares changed hands during mid-day trading, an increase of 23% from the previous session's volume of 25,260,483 shares.The stock last traded at $47.57 and had previously closed at $49.11.

A number of other research firms also recently weighed in on HOOD. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Robinhood Markets from $75.00 to $61.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Raymond James started coverage on shares of Robinhood Markets in a research note on Wednesday, February 5th. They issued a "market perform" rating on the stock. Morgan Stanley lowered shares of Robinhood Markets from an "overweight" rating to an "equal weight" rating and set a $40.00 price target for the company. in a research report on Tuesday, April 8th. Barclays decreased their price objective on Robinhood Markets from $76.00 to $45.00 and set an "overweight" rating on the stock in a report on Monday, April 7th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $60.00 target price on shares of Robinhood Markets in a report on Thursday, March 27th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, Robinhood Markets presently has an average rating of "Moderate Buy" and a consensus price target of $53.24.

Insiders Place Their Bets

In related news, Director Baiju Bhatt sold 522,180 shares of Robinhood Markets stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $62.70, for a total value of $32,740,686.00. Following the completion of the sale, the director now directly owns 5,042 shares in the company, valued at $316,133.40. This trade represents a 99.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $46.81, for a total transaction of $273,978.93. Following the transaction, the chief technology officer now owns 17,559 shares in the company, valued at approximately $821,936.79. The trade was a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,334,593 shares of company stock valued at $114,815,021 in the last 90 days. 19.95% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Robinhood Markets

Large investors have recently bought and sold shares of the business. FMR LLC lifted its stake in shares of Robinhood Markets by 184.8% in the 4th quarter. FMR LLC now owns 40,237,478 shares of the company's stock valued at $1,499,248,000 after purchasing an additional 26,107,934 shares during the period. Newlands Management Operations LLC increased its holdings in Robinhood Markets by 1.1% in the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company's stock valued at $900,159,000 after purchasing an additional 273,860 shares during the last quarter. Geode Capital Management LLC lifted its stake in Robinhood Markets by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company's stock valued at $455,464,000 after buying an additional 555,299 shares during the period. Renaissance Technologies LLC boosted its holdings in Robinhood Markets by 34.4% during the fourth quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company's stock worth $450,031,000 after buying an additional 3,091,514 shares during the last quarter. Finally, Two Sigma Advisers LP grew its position in shares of Robinhood Markets by 0.5% during the 4th quarter. Two Sigma Advisers LP now owns 10,699,600 shares of the company's stock worth $398,667,000 after buying an additional 52,700 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Trading Up 4.2 %

The company has a market capitalization of $43.02 billion, a P/E ratio of 30.95, a PEG ratio of 1.05 and a beta of 2.17. The business has a 50 day moving average price of $43.08 and a 200 day moving average price of $41.66.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.37 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 the consensus estimate of $917.12 million. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. The firm's revenue for the quarter was up 50.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS. On average, analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS 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.