Robinhood Markets (NASDAQ:HOOD) Hits New 52-Week High – Time to Buy?

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.79 and last traded at $48.77, with a volume of 1346651 shares. The stock had previously closed at $48.15.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods increased their price objective on Robinhood Markets from $24.00 to $38.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. KeyCorp raised their price objective on Robinhood Markets from $30.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Sanford C. Bernstein lifted their target price on shares of Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective (up previously from $40.00) on shares of Robinhood Markets in a research note on Monday, December 9th. Finally, Piper Sandler raised 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. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $43.07.

Robinhood Markets Trading Up 2.4 %

The company’s 50-day moving average is $38.94 and its two-hundred day moving average is $28.43. The stock has a market capitalization of $43.60 billion, a P/E ratio of 82.95, a P/E/G ratio of 0.70 and a beta of 2.07.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The business had revenue of $637.00 million during the quarter, compared to analyst estimates of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. Robinhood Markets’s revenue was up 36.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.09) earnings per share. Sell-side analysts expect that Robinhood Markets, Inc. will post 0.91 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Baiju Bhatt sold 108,964 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $24.92, for a total transaction of $2,715,382.88. Following the transaction, the director now owns 2,521 shares of the company’s stock, valued at approximately $62,823.32. This trade represents a 97.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $24.21, for a total transaction of $6,052,500.00. The disclosure for this sale can be found here. Insiders sold a total of 3,700,658 shares of company stock worth $140,360,682 over the last ninety days. 19.95% of the stock is currently owned by company insiders.

Institutional Trading of Robinhood Markets

Several large investors have recently modified their holdings of HOOD. HM Payson & Co. increased its stake in shares of Robinhood Markets by 53.5% in the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock worth $28,000 after purchasing an additional 410 shares during the period. True Wealth Design LLC acquired a new stake in shares of Robinhood Markets during the 3rd quarter worth approximately $30,000. Eastern Bank bought a new stake in shares of Robinhood Markets during the third quarter valued at approximately $30,000. ORG Wealth Partners LLC acquired a new position in shares of Robinhood Markets in the third quarter valued at $33,000. Finally, Connective Portfolio Management LLC bought a new position in Robinhood Markets in the third quarter worth $47,000. 93.27% of the stock is 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.