Robinhood Markets (NASDAQ:HOOD) Stock Price Up 3% - Here's Why

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) shares traded up 3% during trading on Wednesday . The stock traded as high as $74.75 and last traded at $74.69. 12,953,481 shares were traded during trading, a decline of 52% from the average session volume of 27,143,412 shares. The stock had previously closed at $72.51.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Cantor Fitzgerald dropped their price target on Robinhood Markets from $62.00 to $60.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Deutsche Bank Aktiengesellschaft raised their target price on Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a report on Monday, June 9th. Needham & Company LLC restated a "buy" rating and issued a $71.00 price target on shares of Robinhood Markets in a report on Tuesday, May 27th. The Goldman Sachs Group increased their target price on Robinhood Markets from $81.00 to $82.00 and gave the company a "buy" rating in a report on Thursday. Finally, Redburn Atlantic reiterated a "sell" rating and set a $48.00 target price (up previously from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. 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 company. Based on data from MarketBeat, Robinhood Markets currently has an average rating of "Moderate Buy" and an average target price of $57.17.

Robinhood Markets Stock Down 1.7%

The firm has a market cap of $64.28 billion, a PE ratio of 46.24, a P/E/G ratio of 1.05 and a beta of 2.25. The stock has a 50-day simple moving average of $56.22 and a two-hundred day simple moving average of $48.73.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.04). Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. The firm had revenue of $927.00 million for the quarter, compared to the consensus estimate of $917.12 million. During the same period in the previous year, the firm posted $0.18 earnings per share. The business's revenue was up 50.0% compared to the same quarter last year. Research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Buying and Selling

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total value of $31,470,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of Robinhood Markets stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $34.51, for a total transaction of $201,987.03. Following the completion of the sale, the chief technology officer now owns 5,853 shares in the company, valued at approximately $201,987.03. This trade represents a 50.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,650,974 shares of company stock valued at $142,977,123. Company insiders own 14.47% of the company's stock.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors and hedge funds have recently bought and sold shares of HOOD. FMR LLC boosted its holdings in shares of Robinhood Markets by 184.8% in the 4th quarter. FMR LLC now owns 40,237,478 shares of the company's stock valued at $1,499,248,000 after buying an additional 26,107,934 shares in the last quarter. Norges Bank purchased a new position in shares of Robinhood Markets in the 4th quarter valued at about $329,598,000. GQG Partners LLC purchased a new position in shares of Robinhood Markets in the 4th quarter valued at about $302,325,000. Vanguard Group Inc. increased its holdings in shares of Robinhood Markets by 8.6% in the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock valued at $3,089,914,000 after purchasing an additional 5,874,701 shares in the last quarter. Finally, AGF Management Ltd. increased its holdings in Robinhood Markets by 286.0% during the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock valued at $239,053,000 after acquiring an additional 4,255,862 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.