Robinhood Markets (NASDAQ:HOOD) Sets New 12-Month High After Analyst Upgrade

Key Points

• Robinhood Markets reached a new 52-week high after Citigroup raised its price target from $120.00 to $135.00, with the stock trading at $126.20.
• Institutional investors hold 93.27% of Robinhood's stock, indicating strong confidence in the company, while recent insider selling saw significant transactions by executives.
• Robinhood reported an increase in quarterly revenue by 45.0% year-over-year, with earnings per share of $0.42, surpassing analysts' expectations.

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $120.00 to $135.00. Citigroup currently has a neutral rating on the stock. Robinhood Markets traded as high as $127.78 and last traded at $126.20, with a volume of 28878277 shares traded. The stock had previously closed at $124.89.

A number of other equities analysts have also recently issued reports on the stock. Cantor Fitzgerald increased their price objective on shares of Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Compass Point increased their price objective on shares of Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. The Goldman Sachs Group upped their target price on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Barclays upped their target price on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, Morgan Stanley upped their target price on shares of Robinhood Markets from $43.00 to $110.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $104.06.

Insider Buying and Selling at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $99.97, for a total value of $22,493,250.00. Following the completion of the transaction, the insider directly owned 591,887 shares of the company's stock, valued at approximately $59,170,943.39. This trade represents a 27.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total transaction of $69,952,500.00. The disclosure for this sale can be found here. Insiders sold a total of 5,675,598 shares of company stock valued at $580,999,019 in the last quarter. Corporate insiders own 19.95% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Hantz Financial Services Inc. boosted its holdings in Robinhood Markets by 120.3% in the 2nd quarter. Hantz Financial Services Inc. now owns 271 shares of the company's stock worth $25,000 after buying an additional 148 shares during the period. Smithfield Trust Co bought a new position in Robinhood Markets in the 2nd quarter worth approximately $29,000. Twin Peaks Wealth Advisors LLC bought a new position in Robinhood Markets in the 2nd quarter worth approximately $34,000. V Square Quantitative Management LLC bought a new position in Robinhood Markets in the 2nd quarter worth approximately $36,000. Finally, LGT Financial Advisors LLC bought a new position in Robinhood Markets in the 2nd quarter valued at $37,000. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Trading Up 1.0%

The company's fifty day simple moving average is $109.43 and its 200 day simple moving average is $77.23. The stock has a market capitalization of $112.15 billion, a P/E ratio of 64.06, a P/E/G ratio of 4.63 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.30 by $0.12. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The firm had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. During the same period last year, the firm earned $0.21 EPS. The business's quarterly revenue was up 45.0% compared to the same quarter last year. Equities research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

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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