Robinhood Markets (NASDAQ:HOOD) Trading 6.8% Higher - Here's What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) shares were up 6.8% during trading on Tuesday . The stock traded as high as $81.34 and last traded at $81.53. Approximately 16,048,649 shares changed hands during trading, a decline of 42% from the average daily volume of 27,659,169 shares. The stock had previously closed at $76.35.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $60.00 price objective on shares of Robinhood Markets in a research note on Thursday, March 27th. Redburn Atlantic restated 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. Morgan Stanley lifted their target price on Robinhood Markets from $40.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 13th. Cantor Fitzgerald cut 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. Finally, Compass Point started coverage on shares of Robinhood Markets in a research report on Wednesday, March 19th. They set a "buy" rating and a $61.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $58.00.

Robinhood Markets Trading Up 0.9%

The business has a 50 day moving average price of $62.15 and a 200 day moving average price of $50.85. The company has a market capitalization of $73.27 billion, a P/E ratio of 47.02, a PEG ratio of 4.84 and a beta of 2.25.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.04). Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. The business had revenue of $927.00 million during the quarter, compared to the consensus estimate of $917.12 million. During the same quarter last year, the company earned $0.18 earnings per share. The firm's revenue was up 50.0% compared to the same quarter last year. On average, analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Transactions at Robinhood Markets

In other news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the company's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $34.51, for a total value of $201,987.03. Following the sale, the chief technology officer now directly owns 5,853 shares of the company's stock, valued at approximately $201,987.03. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Baiju Bhatt sold 223,072 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $41.24, for a total value of $9,199,489.28. Following the completion of the sale, the director now owns 7,863 shares in the company, valued at approximately $324,270.12. This trade represents a 96.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,380,434 shares of company stock valued at $131,340,572 over the last quarter. Corporate insiders own 14.47% of the company's stock.

Hedge Funds Weigh In On Robinhood Markets

A number of large investors have recently made changes to their positions in HOOD. Whipplewood Advisors LLC grew 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 in the last quarter. Hemington Wealth Management increased 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 purchasing an additional 218 shares during the period. Wayfinding Financial LLC acquired a new position in Robinhood Markets in the first quarter valued at about $30,000. CoreCap Advisors LLC raised its stake in Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock valued at $31,000 after purchasing an additional 550 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its position in Robinhood Markets by 750.0% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company's stock worth $32,000 after purchasing an additional 750 shares during the period. Institutional investors own 93.27% of the company's stock.

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.