Robinhood Markets (NASDAQ:HOOD) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Key Points

• Goldman Sachs has raised its price target for Robinhood Markets from $134.00 to $152.00, indicating a potential upside of 8.98% from its previous closing price.
• The company reported a 45.0% increase in revenue year-over-year, achieving $989.00 million for the recent quarter, surpassing analysts' expectations.
• Insider selling has occurred with significant figures, including a sale of 60,113 shares by insider Steven M. Quirk, which raised concerns about insider confidence in the stock.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) had its price objective raised by stock analysts at The Goldman Sachs Group from $134.00 to $152.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's price objective suggests a potential upside of 8.98% from the company's previous close.

Several other equities analysts have also weighed in on HOOD. Compass Point boosted their target price on shares of Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a report on Friday, June 27th. KeyCorp boosted their target price on shares of Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Barclays upped their price objective 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, Needham & Company LLC upped their price objective on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Robinhood Markets currently has a consensus rating of "Moderate Buy" and a consensus target price of $108.63.

Robinhood Markets Price Performance

NASDAQ HOOD traded down $3.71 during trading hours on Tuesday, hitting $139.47. 16,845,533 shares of the company's stock traded hands, compared to its average volume of 42,148,938. Robinhood Markets has a 52-week low of $22.05 and a 52-week high of $143.62. The company has a market capitalization of $123.94 billion, a PE ratio of 70.72, a PEG ratio of 4.87 and a beta of 2.36. The firm's 50-day moving average is $111.96 and its 200-day moving average is $80.46.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (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 company had revenue of $989.00 million during the quarter, compared to analysts' expectations of $893.93 million. During the same quarter in the prior year, the company earned $0.21 EPS. Robinhood Markets's revenue was up 45.0% compared to the same quarter last year. Equities research analysts predict that Robinhood Markets will post 1.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Steven M. Quirk sold 60,113 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $100.91, for a total value of $6,066,002.83. Following the sale, the insider directly owned 94,454 shares in the company, valued at approximately $9,531,353.14. This trade represents a 38.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the firm's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $124.13, for a total transaction of $727,898.32. Following the completion of the sale, the chief technology officer owned 17,816 shares in the company, valued at $2,211,500.08. The trade was a 24.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 4,931,462 shares of company stock worth $511,774,417. 19.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Rydar Equities Inc. purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at $435,000. Corient Private Wealth LLC grew its position in Robinhood Markets by 41.2% during the 2nd quarter. Corient Private Wealth LLC now owns 43,039 shares of the company's stock worth $4,030,000 after purchasing an additional 12,564 shares during the last quarter. CacheTech Inc. purchased a new position in Robinhood Markets during the 2nd quarter worth $240,000. Adams Wealth Management purchased a new position in Robinhood Markets during the 2nd quarter worth $240,000. Finally, Silicon Valley Capital Partners grew its position in Robinhood Markets by 33.3% during the 2nd quarter. Silicon Valley Capital Partners now owns 2,000 shares of the company's stock worth $187,000 after purchasing an additional 500 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.

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