Robinhood Markets (NASDAQ:HOOD) Stock Price Up 7.6% After Analyst Upgrade

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) traded up 7.6% during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $80.00 to $99.00. Mizuho currently has an outperform rating on the stock. Robinhood Markets traded as high as $100.85 and last traded at $99.32. 47,690,299 shares traded hands during mid-day trading, an increase of 65% from the average session volume of 28,933,339 shares. The stock had previously closed at $92.33.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods restated a "market perform" rating and set a $60.00 price target on shares of Robinhood Markets in a report on Thursday, March 27th. Citigroup decreased their price target on shares of Robinhood Markets from $60.00 to $50.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Morgan Stanley upped their price objective on shares of Robinhood Markets from $40.00 to $43.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. upped their price objective 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. Finally, Compass Point raised their price objective on shares of Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a report on Friday, June 27th. One investment 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 MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $69.00.

Insider Transactions at Robinhood Markets

In other news, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $64.46, for a total transaction of $26,966,067.48. Following the transaction, the director directly owned 7,863 shares of the company's stock, valued at $506,848.98. This trade represents a 98.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christopher D. Payne purchased 26,500 shares of Robinhood Markets stock in a transaction dated Friday, June 13th. The shares were purchased at an average cost of $74.19 per share, for a total transaction of $1,966,035.00. Following the completion of the transaction, the director owned 26,500 shares of the company's stock, valued at approximately $1,966,035. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 1,697,691 shares of company stock valued at $106,750,976 over the last three months. 14.47% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of hedge funds and other institutional investors have recently made changes to their positions in HOOD. Wealthcare Advisory Partners LLC acquired a new stake in shares of Robinhood Markets during the first quarter worth $277,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Robinhood Markets by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company's stock worth $175,857,000 after acquiring an additional 138,267 shares during the period. Aigen Investment Management LP raised its holdings in shares of Robinhood Markets by 161.2% during the fourth quarter. Aigen Investment Management LP now owns 85,868 shares of the company's stock worth $3,199,000 after acquiring an additional 52,988 shares during the period. Fiduciary Alliance LLC acquired a new stake in shares of Robinhood Markets during the first quarter worth $2,177,000. Finally, Invesco Ltd. raised its holdings in shares of Robinhood Markets by 132.6% during the fourth quarter. Invesco Ltd. now owns 2,867,595 shares of the company's stock worth $106,847,000 after acquiring an additional 1,634,599 shares during the period. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Stock Down 4.0%

The business's fifty day moving average is $67.00 and its 200 day moving average is $52.62. The firm has a market capitalization of $83.28 billion, a price-to-earnings ratio of 53.45, a price-to-earnings-growth ratio of 4.70 and a beta of 2.36.

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 the consensus estimate of $0.41 by ($0.04). Robinhood Markets had a net margin of 48.77% and a return on equity of 15.42%. The business had revenue of $927.00 million during the quarter, compared to analyst estimates of $917.12 million. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The firm's quarterly revenue was up 50.0% on a year-over-year basis. Equities research analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

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.