Wolfe Research Upgrades Robinhood Markets (NASDAQ:HOOD) to Outperform

Wolfe Research upgraded shares of Robinhood Markets (NASDAQ:HOOD) from a peer perform rating to an outperform rating in a research report released on Wednesday morning, Marketbeat Ratings reports. Wolfe Research currently has $29.00 target price on the stock.

A number of other equities research analysts have also commented on the company. Sanford C. Bernstein assumed coverage on Robinhood Markets in a research report on Thursday, March 14th. They issued an outperform rating and a $30.00 price target for the company. Morgan Stanley increased their target price on shares of Robinhood Markets from $18.00 to $19.00 and gave the company an equal weight rating in a report on Friday, May 10th. KeyCorp boosted their price target on shares of Robinhood Markets from $22.00 to $23.00 and gave the stock an overweight rating in a report on Monday, April 22nd. Bank of America upgraded shares of Robinhood Markets from an underperform rating to a buy rating and increased their price objective for the company from $14.00 to $24.00 in a research note on Friday, May 17th. Finally, TheStreet upgraded Robinhood Markets from a d+ rating to a c- rating in a research note on Wednesday, February 28th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $20.77.

Robinhood Markets Price Performance

NASDAQ:HOOD opened at $22.71 on Wednesday. Robinhood Markets has a one year low of $7.91 and a one year high of $24.28. The company has a market cap of $19.96 billion, a PE ratio of 151.40 and a beta of 1.83. The firm has a 50-day moving average of $20.07 and a 200-day moving average of $16.42.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.13. The firm had revenue of $618.00 million during the quarter, compared to analyst estimates of $552.74 million. Robinhood Markets had a return on equity of 1.86% and a net margin of 6.22%. The company’s revenue for the quarter was up 40.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.57) EPS. On average, equities research analysts expect that Robinhood Markets will post 0.56 earnings per share for the current fiscal year.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, CFO Jason Warnick sold 5,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $19.59, for a total transaction of $97,950.00. Following the completion of the transaction, the chief financial officer now owns 1,002,407 shares in the company, valued at $19,637,153.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Robinhood Markets news, CFO Jason Warnick sold 5,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.59, for a total transaction of $97,950.00. Following the sale, the chief financial officer now owns 1,002,407 shares of the company’s stock, valued at approximately $19,637,153.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Baiju Bhatt sold 121,226 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $21.63, for a total value of $2,622,118.38. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,486,733 shares of company stock worth $28,618,091. Company insiders own 19.95% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently modified their holdings of the stock. Angeles Wealth Management LLC grew its stake in Robinhood Markets by 5.3% during the first quarter. Angeles Wealth Management LLC now owns 12,207 shares of the company’s stock valued at $246,000 after acquiring an additional 610 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Robinhood Markets by 46.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock valued at $29,000 after purchasing an additional 722 shares in the last quarter. Commerce Bank increased its holdings in shares of Robinhood Markets by 7.9% in the fourth quarter. Commerce Bank now owns 12,459 shares of the company’s stock worth $159,000 after purchasing an additional 917 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Robinhood Markets by 4.7% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 23,642 shares of the company’s stock worth $310,000 after buying an additional 1,060 shares in the last quarter. Finally, Whittier Trust Co. boosted its stake in Robinhood Markets by 25.8% during the first quarter. Whittier Trust Co. now owns 5,828 shares of the company’s stock valued at $117,000 after buying an additional 1,194 shares during the period. 93.27% of the stock is currently owned by institutional investors.

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.