Robinhood Markets (NASDAQ:HOOD) Hits New 12-Month High - Here's Why

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $82.27 and last traded at $82.01, with a volume of 41861331 shares. The stock had previously closed at $76.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Barclays reduced their price objective 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. Cantor Fitzgerald reduced their price target on Robinhood Markets from $62.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Redburn Atlantic reaffirmed a "sell" rating and set a $48.00 price objective (up previously from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. Compass Point assumed coverage on Robinhood Markets in a research report on Wednesday, March 19th. They issued a "buy" rating and a $61.00 price objective for the company. Finally, Needham & Company LLC restated a "buy" rating and set a $71.00 target price on shares of Robinhood Markets in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Robinhood Markets has a consensus rating of "Moderate Buy" and an average price target of $58.00.

Robinhood Markets Price Performance

The company has a market cap of $74.84 billion, a PE ratio of 48.02, a P/E/G ratio of 4.84 and a beta of 2.25. The firm has a 50-day simple moving average of $62.15 and a two-hundred day simple moving average of $50.85.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.04). Robinhood Markets had a net margin of 48.77% and a return on equity of 15.42%. The company had revenue of $927.00 million for the quarter, compared to analyst estimates of $917.12 million. During the same period in the previous year, the business earned $0.18 EPS. The firm's revenue was up 50.0% on a year-over-year basis. Equities research analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insiders Place Their Bets

In other Robinhood Markets news, Director Baiju Bhatt sold 223,072 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $41.24, for a total transaction of $9,199,489.28. Following the transaction, the director now owns 7,863 shares of the company's stock, valued at $324,270.12. This represents a 96.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Vladimir Tenev sold 750,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was 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 have sold 2,380,434 shares of company stock valued at $131,340,572 in the last ninety days. Insiders own 14.47% of the company's stock.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors have recently added to or reduced their stakes in HOOD. Whipplewood Advisors LLC grew its holdings in Robinhood Markets by 564.4% in the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock valued at $25,000 after buying an additional 508 shares during the period. Hemington Wealth Management boosted its position in shares of Robinhood Markets by 52.2% in the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock worth $26,000 after acquiring an additional 218 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Robinhood Markets in the first quarter worth approximately $30,000. Pandora Wealth Inc. purchased a new stake in Robinhood Markets in the first quarter valued at approximately $33,000. Finally, CoreCap Advisors LLC increased its position in Robinhood Markets by 191.6% during the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock worth $31,000 after purchasing an additional 550 shares during the last quarter. 93.27% of the stock is currently 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.