Robinhood Markets (NASDAQ:HOOD) Lifted to “Outperform” at Wolfe Research

Wolfe Research upgraded shares of Robinhood Markets (NASDAQ:HOOD) from a peer perform rating to an outperform rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. They currently have $29.00 price objective on the stock.

A number of other equities analysts have also recently issued reports on the stock. Citigroup raised their target price on shares of Robinhood Markets from $16.00 to $18.00 and gave the stock a sell rating in a report on Thursday, June 13th. Sanford C. Bernstein began coverage on Robinhood Markets in a research note on Thursday, March 14th. They set an outperform rating and a $30.00 price objective for the company. JMP Securities reiterated a market outperform rating and issued a $30.00 target price on shares of Robinhood Markets in a research note on Friday, June 7th. Needham & Company LLC restated a hold rating on shares of Robinhood Markets in a research report on Thursday, June 6th. Finally, TheStreet raised shares of Robinhood Markets from a d+ rating to a c- rating in a research note on Wednesday, February 28th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $20.77.

Robinhood Markets Stock Up 0.5 %

Shares of HOOD opened at $22.71 on Wednesday. The firm has a market cap of $19.96 billion, a price-to-earnings ratio of 151.40 and a beta of 1.83. The business’s 50 day moving average is $20.07 and its two-hundred day moving average is $16.46. Robinhood Markets has a 52-week low of $7.91 and a 52-week high of $24.28.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.05 by $0.13. The company 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 business’s revenue was up 40.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.57) EPS. On average, equities analysts expect that Robinhood Markets will post 0.56 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Jason Warnick sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was 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 of the company’s stock, valued at $19,637,153.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Jason Warnick sold 5,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 1,002,407 shares of the company’s stock, valued at $19,637,153.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Baiju Bhatt sold 16,667 shares of Robinhood Markets stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $17.16, for a total transaction of $286,005.72. Following the completion of the transaction, the director now owns 36,045 shares in the company, valued at approximately $618,532.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,486,733 shares of company stock worth $28,618,091. 19.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Robinhood Markets by 4.5% in the 3rd quarter. Vanguard Group Inc. now owns 57,261,184 shares of the company’s stock worth $561,732,000 after purchasing an additional 2,459,702 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Robinhood Markets by 6.4% in the 4th quarter. ARK Investment Management LLC now owns 34,936,204 shares of the company’s stock valued at $445,087,000 after acquiring an additional 2,101,325 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Robinhood Markets by 9.4% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 29,205,693 shares of the company’s stock worth $372,081,000 after purchasing an additional 2,517,012 shares during the period. Nikko Asset Management Americas Inc. grew its position in Robinhood Markets by 9.6% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 28,297,822 shares of the company’s stock worth $360,514,000 after purchasing an additional 2,486,986 shares in the last quarter. Finally, Norges Bank acquired a new stake in Robinhood Markets during the 4th quarter valued at $84,165,000. 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.