Argus Issues Positive Forecast for Robinhood Markets (NASDAQ:HOOD) Stock Price

Robinhood Markets (NASDAQ:HOOD) had its price objective boosted by equities research analysts at Argus from $90.00 to $110.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Argus’ price target would indicate a potential upside of 2.99% from the stock’s previous close.

HOOD has been the topic of several other research reports. Jefferies Financial Group lowered their target price on shares of Robinhood Markets from $88.00 to $84.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Needham & Company LLC lifted their target price on shares of Robinhood Markets from $85.00 to $97.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. Wall Street Zen raised shares of Robinhood Markets from a “strong sell” rating to a “sell” rating in a research note on Saturday. Citizens Jmp reaffirmed a “market outperform” rating and set a $155.00 target price on shares of Robinhood Markets in a research note on Thursday, May 28th. Finally, Barclays lowered their target price on shares of Robinhood Markets from $89.00 to $82.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $112.36.

Robinhood Markets Trading Up 10.4%

HOOD traded up $10.10 on Wednesday, hitting $106.81. 20,370,405 shares of the company’s stock were exchanged, compared to its average volume of 29,876,875. Robinhood Markets has a fifty-two week low of $63.51 and a fifty-two week high of $153.86. The firm has a 50-day moving average price of $81.23 and a 200-day moving average price of $91.67. The stock has a market cap of $96.18 billion, a price-to-earnings ratio of 51.36, a P/E/G ratio of 2.45 and a beta of 2.35.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Tuesday, April 28th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm earned $0.37 EPS. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, equities analysts predict that Robinhood Markets will post 1.83 EPS for the current year.

Insider Buying and Selling at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of Robinhood Markets stock in a transaction on Monday, May 4th. The stock was sold at an average price of $76.89, for a total transaction of $768,900.00. Following the transaction, the insider owned 432,849 shares in the company, valued at $33,281,759.61. The trade was a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven M. Quirk sold 10,837 shares of Robinhood Markets stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.91, for a total value of $931,006.67. Following the transaction, the insider owned 81,989 shares in the company, valued at approximately $7,043,674.99. This represents a 11.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have bought 680,000 shares of company stock worth $55,306,560 and have sold 633,484 shares worth $47,542,923. 19.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of HOOD. Militia Capital Management LLC purchased a new stake in Robinhood Markets in the 1st quarter valued at about $1,641,000. Rathbones Group PLC raised its holdings in Robinhood Markets by 3.3% in the 1st quarter. Rathbones Group PLC now owns 5,129 shares of the company’s stock valued at $355,000 after buying an additional 165 shares during the period. Glenmede Trust Co. NA raised its holdings in Robinhood Markets by 22.5% in the 1st quarter. Glenmede Trust Co. NA now owns 10,426 shares of the company’s stock valued at $723,000 after buying an additional 1,914 shares during the period. Summitry LLC purchased a new stake in Robinhood Markets in the 1st quarter valued at about $432,000. Finally, Groupama Asset Managment purchased a new stake in Robinhood Markets in the 1st quarter valued at about $260,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Robinhood Markets News Summary

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Robinhood’s 10% workforce reduction is being framed as a move to improve efficiency, accelerate product development, and preserve margins while business activity remains strong. Robinhood Trims Workforce to Stay Agile Amid Record Trading Activities
• Positive Sentiment: Management said the business has never been stronger, which supports the idea that the layoffs are strategic rather than a sign of slowing demand. Trading app Robinhood to shed 10% of staff
• Positive Sentiment: Analyst and media coverage continue to point to prediction markets and other new offerings as potential revenue drivers for Robinhood. Robinhood CEO Vlad Tenev Has A Plan To Build Wealth: ‘Make Everyone An Owner’
• Neutral Sentiment: Broader financial stocks were firmer, which may have provided some support to HOOD alongside the company-specific news. Sector Update: Financial Stocks Rise Tuesday Afternoon
• Negative Sentiment: Recent insider selling by the CFO and a director may create some caution among investors, even though the trades were pre-arranged. Robinhood Markets (NASDAQ:HOOD) CFO Shiv Verma Sells 3,984 Shares

Robinhood Markets Company Profile

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.