Robinhood Markets (NASDAQ:HOOD) Stock Price Up 1.4% – Here’s Why

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) shot up 1.4% during mid-day trading on Thursday . The stock traded as high as $45.41 and last traded at $45.35. 22,877,631 shares changed hands during trading, an increase of 7% from the average session volume of 21,463,227 shares. The stock had previously closed at $44.73.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on HOOD. Wolfe Research lowered Robinhood Markets from an “outperform” rating to a “peer perform” rating in a report on Tuesday, February 18th. Needham & Company LLC lowered their price target on shares of Robinhood Markets from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $46.00 in a research report on Friday, December 6th. Cantor Fitzgerald assumed coverage on shares of Robinhood Markets in a research report on Thursday, March 6th. They set an “overweight” rating and a $69.00 target price on the stock. Finally, Piper Sandler boosted their price target on Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Robinhood Markets has an average rating of “Moderate Buy” and a consensus price target of $60.82.

Robinhood Markets Stock Down 4.7 %

The firm’s 50-day moving average price is $49.16 and its 200 day moving average price is $38.06. The firm has a market cap of $37.12 billion, a P/E ratio of 26.70, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. On average, equities analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total transaction of $29,370,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Baiju Bhatt sold 47,023 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $46.37, for a total transaction of $2,180,456.51. Following the completion of the transaction, the director now owns 5,042 shares of the company’s stock, valued at $233,797.54. This trade represents a 90.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,655 shares of company stock worth $143,072,448 in the last three months. 19.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New Wave Wealth Advisors LLC acquired a new position in shares of Robinhood Markets during the 4th quarter valued at $26,000. CoreCap Advisors LLC boosted its stake in Robinhood Markets by 191.6% during the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock valued at $31,000 after buying an additional 550 shares in the last quarter. Creative Financial Designs Inc. ADV grew its holdings in Robinhood Markets by 750.0% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock worth $32,000 after acquiring an additional 750 shares during the period. Colonial Trust Co SC bought a new stake in Robinhood Markets in the fourth quarter worth about $34,000. Finally, Silicon Valley Capital Partners acquired a new stake in Robinhood Markets in the 4th quarter valued at about $37,000. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Company Profile

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.