Robinhood Markets (NASDAQ:HOOD) Stock Price Up 5.4% on Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report)'s share price rose 5.4% during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $44.00 to $47.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Robinhood Markets traded as high as $50.07 and last traded at $49.13. Approximately 24,476,410 shares were traded during trading, a decline of 4% from the average daily volume of 25,545,971 shares. The stock had previously closed at $46.62.

HOOD has been the subject of several other research reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $60.00 target price on shares of Robinhood Markets in a research note on Thursday, March 27th. Morgan Stanley downgraded Robinhood Markets from an "overweight" rating to an "equal weight" rating and set a $40.00 price objective on the stock. in a research note on Tuesday, April 8th. Raymond James initiated coverage on Robinhood Markets in a research note on Wednesday, February 5th. They issued a "market perform" rating for the company. Needham & Company LLC dropped their price target on Robinhood Markets from $62.00 to $58.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Cantor Fitzgerald initiated coverage on Robinhood Markets in a research report on Thursday, March 6th. They issued an "overweight" rating and a $69.00 price objective for the company. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Robinhood Markets currently has an average rating of "Moderate Buy" and a consensus target price of $53.24.

Insiders Place Their Bets

In related news, Director Baiju Bhatt sold 90,866 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $55.34, for a total transaction of $5,028,524.44. Following the completion of the transaction, the director now directly owns 5,042 shares of the company's stock, valued at approximately $279,024.28. This represents a 94.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $34.51, for a total value of $201,987.03. Following the completion of the transaction, the chief technology officer now owns 5,853 shares of the company's stock, valued at approximately $201,987.03. This represents a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,334,593 shares of company stock valued at $114,815,021 in the last three months. 19.95% of the stock is currently owned by corporate insiders.

Institutional Trading of Robinhood Markets

Several institutional investors and hedge funds have recently added to or reduced their stakes in HOOD. Kingsview Wealth Management LLC increased its stake in shares of Robinhood Markets by 116.9% during the 1st quarter. Kingsview Wealth Management LLC now owns 34,622 shares of the company's stock worth $1,441,000 after purchasing an additional 18,657 shares during the last quarter. Burns Matteson Capital Management LLC acquired a new position in Robinhood Markets during the first quarter worth approximately $495,000. Victory Capital Management Inc. increased its position in Robinhood Markets by 9.9% during the first quarter. Victory Capital Management Inc. now owns 242,022 shares of the company's stock worth $10,073,000 after buying an additional 21,862 shares during the last quarter. Larson Financial Group LLC raised its stake in Robinhood Markets by 66.0% in the first quarter. Larson Financial Group LLC now owns 1,524 shares of the company's stock valued at $63,000 after buying an additional 606 shares during the period. Finally, Wealthfront Advisers LLC lifted its position in shares of Robinhood Markets by 213.2% in the first quarter. Wealthfront Advisers LLC now owns 132,162 shares of the company's stock valued at $5,501,000 after buying an additional 89,971 shares during the last quarter. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Trading Up 4.2 %

The company has a market capitalization of $43.02 billion, a P/E ratio of 30.95, a P/E/G ratio of 1.05 and a beta of 2.17. The company has a 50 day moving average price of $43.08 and a 200 day moving average price of $41.66.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). The company had revenue of $927.00 million during the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. Robinhood Markets's revenue for the quarter was up 50.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 earnings per share. As a group, sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal 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.