Robinhood Markets (NASDAQ:HOOD) Shares Up 1.9% – Still a Buy?

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on HOOD. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their price target for the company from $40.00 to $46.00 in a report on Friday, December 6th. Piper Sandler increased their target price on shares of Robinhood Markets from $36.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, December 2nd. Citigroup upped their target price on Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, September 27th. Sanford C. Bernstein boosted their price target on Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. raised their target price on shares of Robinhood Markets from $17.00 to $21.00 and gave the company an “underweight” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.13.

Robinhood Markets Price Performance

The company has a market capitalization of $32.56 billion, a price-to-earnings ratio of 62.42, a PEG ratio of 0.76 and a beta of 2.09. The stock has a 50-day moving average price of $32.64 and a 200-day moving average price of $25.42.

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

Insider Activity

In other news, Director Meyer Malka sold 3,225,806 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total value of $80,870,956.42. Following the transaction, the director now directly owns 29,357,336 shares of the company’s stock, valued at $735,988,413.52. The trade was a 9.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $22.88, for a total value of $5,720,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,037,689 shares of company stock worth $177,092,487. Corporate insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Large investors have recently modified their holdings of the company. Raymond James & Associates boosted its stake in Robinhood Markets by 28.6% during the 2nd quarter. Raymond James & Associates now owns 56,203 shares of the company’s stock valued at $1,276,000 after purchasing an additional 12,512 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Robinhood Markets by 2,611.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 39,050 shares of the company’s stock valued at $887,000 after buying an additional 37,610 shares during the last quarter. Fullcircle Wealth LLC bought a new position in Robinhood Markets during the 2nd quarter valued at $218,000. Silvant Capital Management LLC purchased a new position in Robinhood Markets during the 2nd quarter worth $1,036,000. Finally, Yeomans Consulting Group Inc. bought a new stake in shares of Robinhood Markets in the 2nd quarter worth $344,000. 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.