Robinhood Markets (NASDAQ:HOOD) Trading 3.4% Higher – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price rose 3.4% on Wednesday . The company traded as high as $119.20 and last traded at $118.16. Approximately 24,166,223 shares changed hands during trading, a decline of 40% from the average daily volume of 40,002,891 shares. The stock had previously closed at $114.30.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on HOOD shares. KeyCorp raised their target price on shares of Robinhood Markets from $135.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Morgan Stanley increased their price target on Robinhood Markets from $110.00 to $146.00 and gave the company an “equal weight” rating in a report on Wednesday, October 1st. Keefe, Bruyette & Woods lifted their price objective on Robinhood Markets from $121.00 to $135.00 and gave the stock a “market perform” rating in a report on Thursday, November 6th. Needham & Company LLC upped their price objective on Robinhood Markets from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Finally, Loop Capital set a $161.00 target price on Robinhood Markets in a research report on Monday, October 27th. Fifteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $132.65.

Robinhood Markets Stock Performance

The stock has a 50-day moving average price of $132.70 and a two-hundred day moving average price of $104.10. The stock has a market capitalization of $106.25 billion, a PE ratio of 49.03, a PEG ratio of 2.59 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.20. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the business earned $0.17 EPS. The firm’s revenue was up 100.0% compared to the same quarter last year. As a group, equities analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Activity

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $145.95, for a total transaction of $3,648,750.00. Following the sale, the insider directly owned 540,949 shares of the company’s stock, valued at $78,951,506.55. This trade represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $116.56, for a total value of $48,761,477.28. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 5,134,080 shares of company stock worth $626,549,514. 19.95% of the stock is currently owned by insiders.

Institutional Trading of Robinhood Markets

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Robinhood Markets by 24.9% during the third quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock valued at $13,521,497,000 after acquiring an additional 18,824,923 shares in the last quarter. State Street Corp boosted its holdings in shares of Robinhood Markets by 103.2% during the 3rd quarter. State Street Corp now owns 32,246,155 shares of the company’s stock valued at $4,617,004,000 after purchasing an additional 16,375,734 shares during the last quarter. WCM Investment Management LLC boosted its holdings in shares of Robinhood Markets by 3,615.7% during the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock valued at $1,081,910,000 after purchasing an additional 11,244,182 shares during the last quarter. Norges Bank purchased a new position in shares of Robinhood Markets during the second quarter valued at about $973,122,000. Finally, Kingstone Capital Partners Texas LLC bought a new stake in shares of Robinhood Markets in the second quarter worth about $951,479,000. Institutional investors own 93.27% of the company’s stock.

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.