Robinhood Markets (NASDAQ:HOOD) Shares Up 2.8% - Time to Buy?

Key Points

• Robinhood Markets' shares rose by 2.8% to $114.32, amid significant trading volume decline of 56% from its average.
• Multiple equities research analysts have increased their price targets for Robinhood, with Citigroup raising it from $100 to $120, and a consensus price target now at $96.29.
• Robinhood reported quarterly earnings of $0.42 per share, exceeding expectations, with a revenue of $989 million, a 45% year-over-year increase.

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report)'s share price shot up 2.8% during mid-day trading on Friday . The company traded as high as $117.00 and last traded at $114.32. 18,157,117 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 41,697,770 shares. The stock had previously closed at $111.23.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on HOOD shares. Citigroup increased their price target on shares of Robinhood Markets from $100.00 to $120.00 and gave the company a "neutral" 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 company a "buy" rating in a research report on Friday, June 27th. Keefe, Bruyette & Woods boosted their price target on Robinhood Markets from $89.00 to $106.00 and gave the stock a "market perform" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. raised their target price on shares of Robinhood Markets from $44.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Finally, Piper Sandler increased their target price on Robinhood Markets from $110.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Robinhood Markets currently has an average rating of "Moderate Buy" and a consensus price target of $96.29.

Robinhood Markets Trading Up 3.3%

The company has a market capitalization of $101.74 billion, a PE ratio of 58.23, a PEG ratio of 4.03 and a beta of 2.36. The company has a fifty day simple moving average of $90.33 and a 200-day simple moving average of $63.55.

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

Insider Activity

In other news, Director Baiju Bhatt sold 10,518 shares of Robinhood Markets stock in a transaction on Friday, August 1st. The stock was sold at an average price of $100.10, for a total value of $1,052,851.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of Robinhood Markets stock in a transaction on Friday, July 25th. The shares were sold at an average price of $104.73, for a total value of $614,136.72. Following the completion of the transaction, the chief technology officer owned 3,044 shares in the company, valued at $318,798.12. The trade was a 65.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,752,293 shares of company stock worth $436,586,556 in the last quarter. 14.47% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Robinhood Markets

Institutional investors and hedge funds have recently bought and sold shares of the stock. Whipplewood Advisors LLC increased its position in Robinhood Markets by 564.4% during the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock worth $25,000 after buying an additional 508 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of Robinhood Markets by 120.3% in the second quarter. Hantz Financial Services Inc. now owns 271 shares of the company's stock worth $25,000 after acquiring an additional 148 shares during the last quarter. Hemington Wealth Management boosted its position in Robinhood Markets by 52.2% in the 1st quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after buying an additional 218 shares during the last quarter. Smithfield Trust Co bought a new stake in shares of Robinhood Markets during the second quarter worth $29,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Robinhood Markets during the first quarter valued at $30,000. 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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