Robinhood Markets (NASDAQ:HOOD) Stock Price Up 1.2% - Time to Buy?

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) rose 1.2% on Wednesday . The company traded as high as $73.00 and last traded at $72.57. Approximately 16,197,444 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 26,543,935 shares. The stock had previously closed at $71.72.

Wall Street Analysts Forecast Growth

HOOD has been the subject of a number of research analyst reports. KeyCorp cut their target price on shares of Robinhood Markets from $75.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Wolfe Research cut shares of Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, February 18th. Piper Sandler boosted their price target on shares of Robinhood Markets from $54.00 to $75.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Needham & Company LLC reiterated a "buy" rating and issued a $71.00 price target on shares of Robinhood Markets in a research note on Tuesday, May 27th. Finally, JPMorgan Chase & Co. upped their target price on shares of Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $55.41.

Robinhood Markets Price Performance

The company's 50-day moving average is $51.30 and its 200-day moving average is $46.85. The firm has a market capitalization of $64.20 billion, a price-to-earnings ratio of 46.19, a PEG ratio of 1.05 and a beta of 2.25.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.04). Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The company 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 firm posted $0.18 EPS. The firm's quarterly revenue was up 50.0% on a year-over-year basis. Sell-side analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Baiju Bhatt sold 223,528 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $43.21, for a total value of $9,658,644.88. Following the transaction, the director now owns 5,042 shares in the company, valued at $217,864.82. This represents a 97.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the 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 transaction, 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. Over the last three months, insiders have sold 2,096,884 shares of company stock worth $102,320,000. 14.47% of the stock is owned by corporate insiders.

Institutional Trading of Robinhood Markets

A number of hedge funds and other institutional investors have recently made changes to their positions in HOOD. FMR LLC lifted its holdings in shares of Robinhood Markets by 184.8% during the 4th quarter. FMR LLC now owns 40,237,478 shares of the company's stock valued at $1,499,248,000 after purchasing an additional 26,107,934 shares in the last quarter. Norges Bank bought a new stake in Robinhood Markets in the 4th quarter valued at $329,598,000. GQG Partners LLC acquired a new position in Robinhood Markets in the 4th quarter valued at $302,325,000. Vanguard Group Inc. grew its holdings in shares of Robinhood Markets by 8.6% during the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock worth $3,089,914,000 after purchasing an additional 5,874,701 shares in the last quarter. Finally, AGF Management Ltd. grew its holdings in shares of Robinhood Markets by 286.0% during the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock worth $239,053,000 after purchasing 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.