Robinhood Markets (NASDAQ:HOOD) Trading 8.7% Higher - Here's What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report)'s share price rose 8.7% during trading on Wednesday . The stock traded as high as $47.22 and last traded at $45.75. Approximately 24,070,444 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 24,454,655 shares. The stock had previously closed at $42.09.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Morgan Stanley lowered shares of Robinhood Markets from an "overweight" rating to an "equal weight" rating and set a $40.00 price objective for the company. in a research report on Tuesday, April 8th. JMP Securities dropped their price target on Robinhood Markets from $77.00 to $70.00 and set a "market outperform" rating on the stock in a report on Tuesday, April 8th. Compass Point started coverage on Robinhood Markets in a report on Wednesday, March 19th. They issued a "buy" rating and a $61.00 target price on the stock. KeyCorp lowered their price objective on shares of Robinhood Markets from $75.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Piper Sandler raised their target price on Robinhood Markets from $54.00 to $75.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $53.88.

Robinhood Markets Trading Up 2.7 %

The stock has a market capitalization of $43.79 billion, a P/E ratio of 31.50, a P/E/G ratio of 1.05 and a beta of 2.17. The business's fifty day simple moving average is $43.49 and its two-hundred day simple moving average is $40.89.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. On average, equities research analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 90,866 shares of Robinhood Markets stock in a transaction 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 trade represents a 94.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the company's stock in a transaction dated Monday, April 7th. The stock was 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 directly owns 5,853 shares in the company, valued at approximately $201,987.03. The trade was a 50.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,240,460 shares of company stock valued at $110,036,750 in the last 90 days. 19.95% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Whipplewood Advisors LLC grew its holdings in shares of 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 purchasing an additional 508 shares during the last quarter. New Wave Wealth Advisors LLC bought a new stake in Robinhood Markets during the 4th quarter worth about $26,000. CoreCap Advisors LLC increased its position in Robinhood Markets by 191.6% in the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock valued at $31,000 after acquiring an additional 550 shares in the last quarter. Creative Financial Designs Inc. ADV raised its stake in shares of Robinhood Markets by 750.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company's stock worth $32,000 after acquiring an additional 750 shares during the last quarter. Finally, Colonial Trust Co SC acquired a new position in shares of Robinhood Markets during the fourth quarter worth approximately $34,000. 93.27% of the stock is owned by institutional investors and hedge funds.

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.