Robinhood Markets (NASDAQ:HOOD) Shares Up 2.2% – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price shot up 2.2% on Wednesday . The stock traded as high as $76.35 and last traded at $75.76. 17,041,945 shares were traded during trading, a decline of 42% from the average session volume of 29,602,680 shares. The stock had previously closed at $74.16.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on HOOD. New Street Research set a $122.00 price objective on Robinhood Markets in a report on Thursday, March 5th. Loop Capital set a $130.00 price objective on Robinhood Markets in a report on Monday, February 9th. Piper Sandler cut their price objective on Robinhood Markets from $155.00 to $135.00 and set an “overweight” rating on the stock in a report on Wednesday, February 11th. Mizuho lifted their price objective on Robinhood Markets from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Finally, Barclays cut their price objective on Robinhood Markets from $89.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Eighteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $107.88.

Robinhood Markets Trading Down 3.0%

The stock has a market cap of $66.31 billion, a P/E ratio of 35.58, a PEG ratio of 2.45 and a beta of 2.29. The company has a 50 day simple moving average of $76.21 and a 200 day simple moving average of $96.63.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Tuesday, April 28th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.14 billion. Robinhood Markets had a net margin of 41.12% and a return on equity of 21.39%. The company’s revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.37 EPS. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 1.88 earnings per share for the current year.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,835 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $83.92, for a total value of $489,673.20. Following the sale, the chief technology officer owned 12,171 shares in the company, valued at approximately $1,021,390.32. The trade was a 32.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven M. Quirk sold 8,540 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $84.93, for a total value of $725,302.20. Following the completion of the sale, the insider owned 53,183 shares in the company, valued at $4,516,832.19. The trade was a 13.84% 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. In the last three months, insiders have sold 560,765 shares of company stock worth $40,946,840. Corporate insiders own 14.47% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Groupama Asset Managment bought a new stake in shares of Robinhood Markets during the 1st quarter worth approximately $260,000. J. Derek Lewis & Associates Inc. acquired a new position in shares of Robinhood Markets during the 1st quarter worth approximately $218,000. BankChampaign National Association acquired a new position in shares of Robinhood Markets during the 1st quarter worth approximately $739,000. Western Wealth Management LLC acquired a new position in shares of Robinhood Markets during the 1st quarter worth approximately $109,000. Finally, Genesis Financial Group LLC increased its holdings in shares of Robinhood Markets by 39.2% during the 1st quarter. Genesis Financial Group LLC now owns 25,414 shares of the company’s stock worth $1,761,000 after acquiring an additional 7,162 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

About Robinhood Markets

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.