Morgan Stanley Increases Robinhood Markets (NASDAQ:HOOD) Price Target to $22.00

Robinhood Markets (NASDAQ:HOOD) had its price target lifted by equities researchers at Morgan Stanley from $21.00 to $22.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential downside of 16.70% from the stock’s previous close.

Several other research firms have also recently weighed in on HOOD. Citigroup lifted their price objective on Robinhood Markets from $19.00 to $23.00 and gave the company a “neutral” rating in a research report on Friday, September 27th. Deutsche Bank Aktiengesellschaft upped their price target on Robinhood Markets from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Keefe, Bruyette & Woods reduced their target price on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Barclays raised their price objective on shares of Robinhood Markets from $20.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, The Goldman Sachs Group raised their price target on shares of Robinhood Markets from $22.50 to $25.00 and gave the company a “neutral” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of “Hold” and a consensus price target of $24.43.

Robinhood Markets Stock Performance

NASDAQ:HOOD traded down $0.52 during trading hours on Thursday, reaching $26.41. The company’s stock had a trading volume of 2,573,876 shares, compared to its average volume of 15,473,183. The firm has a market capitalization of $23.21 billion, a price-to-earnings ratio of 176.07 and a beta of 1.84. The firm has a 50-day simple moving average of $21.68 and a 200-day simple moving average of $20.74. Robinhood Markets has a 1 year low of $7.91 and a 1 year high of $27.33.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.05. Robinhood Markets had a return on equity of 4.25% and a net margin of 12.96%. The firm had revenue of $682.00 million during 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 business’s quarterly revenue was up 40.3% compared to the same quarter last year. Equities analysts anticipate that Robinhood Markets will post 0.76 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of Robinhood Markets stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total transaction of $241,625.00. Following the completion of the sale, the insider now directly owns 1,045,068 shares of the company’s stock, valued at $20,201,164.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,541,250 shares of company stock valued at $107,643,767. 19.95% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its stake in shares of Robinhood Markets by 46.5% during the fourth 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. ORG Partners LLC purchased a new stake in Robinhood Markets in the second quarter valued at about $33,000. ORG Wealth Partners LLC purchased a new stake in shares of Robinhood Markets during the third quarter worth about $33,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Robinhood Markets during the first quarter valued at about $34,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at approximately $40,000. 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.