Robinhood Markets (NASDAQ:HOOD) Trading Up 7.1% – Time to Buy?

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price was up 7.1% during mid-day trading on Monday . The stock traded as high as $115.72 and last traded at $114.97. Approximately 30,492,911 shares were traded during trading, a decline of 24% from the average daily volume of 39,963,664 shares. The stock had previously closed at $107.30.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on HOOD shares. Piper Sandler reaffirmed an “overweight” rating and issued a $140.00 price target (up from $120.00) on shares of Robinhood Markets in a research note on Tuesday, September 23rd. Bank of America upped their target price on shares of Robinhood Markets from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Needham & Company LLC increased their target price on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. KeyCorp boosted their price target on shares of Robinhood Markets from $135.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Finally, Zacks Research cut shares of Robinhood Markets from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 30th. Fourteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of “Moderate Buy” and an average target price of $136.95.

Robinhood Markets Stock Up 7.1%

The company’s fifty day moving average price is $132.33 and its two-hundred day moving average price is $105.83. The company has a market cap of $103.38 billion, a price-to-earnings ratio of 47.71, a PEG ratio of 2.41 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.41 by $0.20. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. The firm’s revenue was up 100.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 EPS. On average, equities research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Transactions at Robinhood Markets

In related news, Director Meyer Malka sold 1,093,288 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $103.87, for a total transaction of $113,559,824.56. Following the completion of the transaction, the director directly owned 3,976,234 shares in the company, valued at approximately $413,011,425.58. This trade represents a 21.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total value of $104,797,500.00. The disclosure for this sale is available in the SEC filing. Insiders sold 5,134,080 shares of company stock valued at $626,549,514 over the last three months. 19.95% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Robinhood Markets by 24.9% during the 3rd quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock worth $13,521,497,000 after buying an additional 18,824,923 shares in the last quarter. State Street Corp increased its position in shares of Robinhood Markets by 103.2% in the third quarter. State Street Corp now owns 32,246,155 shares of the company’s stock valued at $4,617,004,000 after acquiring an additional 16,375,734 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Robinhood Markets by 4.0% in the second quarter. Geode Capital Management LLC now owns 13,176,539 shares of the company’s stock valued at $1,233,840,000 after acquiring an additional 507,926 shares during the last quarter. WCM Investment Management LLC raised its holdings in Robinhood Markets by 3,615.7% during the second quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock worth $1,081,910,000 after acquiring an additional 11,244,182 shares in the last quarter. Finally, Norges Bank acquired a new position in Robinhood Markets during the second quarter valued at approximately $973,122,000. Institutional investors and hedge funds 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.