Piper Sandler Upgrades Robinhood Markets (NASDAQ:HOOD) to Overweight

Robinhood Markets (NASDAQ:HOOD) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Monday, Marketbeat reports. The brokerage presently has a $23.00 target price on the stock, up from their previous target price of $20.00. Piper Sandler’s price target indicates a potential upside of 24.93% from the company’s current price.

Several other brokerages have also issued reports on HOOD. Mizuho upped their price target on Robinhood Markets from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Deutsche Bank Aktiengesellschaft increased their target price on Robinhood Markets from $19.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday, June 20th. JPMorgan Chase & Co. increased their target price on Robinhood Markets from $16.00 to $17.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. The Goldman Sachs Group increased their target price on Robinhood Markets from $19.00 to $21.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Finally, Wolfe Research raised Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 target price on the stock in a research note on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Robinhood Markets currently has an average rating of “Hold” and an average target price of $22.30.

Robinhood Markets Stock Down 0.7 %

Shares of HOOD opened at $18.41 on Monday. Robinhood Markets has a 12-month low of $7.91 and a 12-month high of $24.88. The firm has a market capitalization of $16.18 billion, a PE ratio of 122.73 and a beta of 1.83. The stock’s fifty day simple moving average is $21.63 and its 200-day simple moving average is $18.58.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.05. Robinhood Markets had a return on equity of 1.86% and a net margin of 6.22%. The business had revenue of $682.00 million for the quarter, compared to analyst estimates of $640.39 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The firm’s revenue for the quarter was up 40.3% compared to the same quarter last year. Analysts anticipate that Robinhood Markets will post 0.57 EPS for the current year.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 45,545 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $21.11, for a total transaction of $961,454.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Vladimir Tenev sold 45,545 shares of the stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $21.11, for a total transaction of $961,454.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Baiju Bhatt sold 120,236 shares of the stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $22.20, for a total value of $2,669,239.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,231,246 shares of company stock valued at $25,375,917 over the last 90 days. 19.95% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Ensign Peak Advisors Inc grew its holdings in shares of Robinhood Markets by 11.2% during the second quarter. Ensign Peak Advisors Inc now owns 176,606 shares of the company’s stock worth $4,011,000 after buying an additional 17,758 shares in the last quarter. Sei Investments Co. grew its stake in Robinhood Markets by 64.1% in the second quarter. Sei Investments Co. now owns 61,754 shares of the company’s stock valued at $1,402,000 after purchasing an additional 24,129 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in Robinhood Markets by 8.5% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 104,414 shares of the company’s stock valued at $2,371,000 after purchasing an additional 8,200 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Robinhood Markets by 1,670.7% in the second quarter. Canada Pension Plan Investment Board now owns 919,000 shares of the company’s stock valued at $20,870,000 after purchasing an additional 867,100 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado grew its stake in Robinhood Markets by 11.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 54,812 shares of the company’s stock valued at $1,245,000 after purchasing an additional 5,735 shares in the last quarter. 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.