Robinhood Markets (NASDAQ:HOOD) Trading 1.9% Higher – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price rose 1.9% on Thursday . The company traded as high as $38.68 and last traded at $37.80. Approximately 7,552,197 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 16,974,037 shares. The stock had previously closed at $37.08.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on HOOD shares. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective (up previously from $40.00) on shares of Robinhood Markets in a research report on Monday, December 9th. JMP Securities lifted their price objective on Robinhood Markets from $33.00 to $40.00 and gave the company a “market outperform” rating in a report on Tuesday, November 12th. Citigroup increased their target price on Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, September 27th. KeyCorp upped their price objective on Robinhood Markets from $30.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Robinhood Markets from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Robinhood Markets presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.20.

Robinhood Markets Stock Up 3.8 %

The stock has a fifty day moving average price of $33.11 and a two-hundred day moving average price of $25.62. The company has a market capitalization of $33.88 billion, a price-to-earnings ratio of 64.97, a PEG ratio of 0.76 and a beta of 2.09.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). The firm had revenue of $637.00 million during the quarter, compared to analyst estimates of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The company’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. As a group, research analysts forecast that Robinhood Markets, Inc. will post 0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Baiju Bhatt sold 186,514 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $38.13, for a total transaction of $7,111,778.82. Following the transaction, the director now directly owns 2,521 shares in the company, valued at approximately $96,125.73. This represents a 98.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of Robinhood Markets stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $22.37, for a total value of $279,625.00. Following the completion of the sale, the insider now owns 1,057,500 shares of the company’s stock, valued at $23,656,275. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 6,037,689 shares of company stock valued at $177,092,487. Company insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank raised its position in shares of Robinhood Markets by 31.1% in the 3rd quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after buying an additional 16,219 shares during the period. Baker Avenue Asset Management LP raised its holdings in shares of Robinhood Markets by 77.9% in the 3rd quarter. Baker Avenue Asset Management LP now owns 464,306 shares of the company’s stock worth $10,874,000 after purchasing an additional 203,354 shares during the period. Bridgewater Associates LP lifted its stake in shares of Robinhood Markets by 100.4% in the 3rd quarter. Bridgewater Associates LP now owns 330,956 shares of the company’s stock valued at $7,751,000 after purchasing an additional 165,791 shares in the last quarter. EULAV Asset Management lifted its stake in shares of Robinhood Markets by 22.2% in the 3rd quarter. EULAV Asset Management now owns 550,000 shares of the company’s stock valued at $12,881,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Blueshift Asset Management LLC grew its holdings in shares of Robinhood Markets by 376.5% during the 3rd quarter. Blueshift Asset Management LLC now owns 144,941 shares of the company’s stock worth $3,395,000 after purchasing an additional 114,525 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.