Sanford C. Bernstein Forecasts Strong Price Appreciation for Robinhood Markets (NASDAQ:HOOD) Stock

Robinhood Markets (NASDAQ:HOOD) had its target price boosted by research analysts at Sanford C. Bernstein from $130.00 to $160.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Sanford C. Bernstein’s target price points to a potential upside of 58.11% from the company’s current price.

Other research analysts have also recently issued reports about the company. Barclays raised their price objective on Robinhood Markets from $82.00 to $122.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Needham & Company LLC increased their price target on shares of Robinhood Markets from $85.00 to $97.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. BTIG Research reissued a “buy” rating and set a $125.00 price target on shares of Robinhood Markets in a research report on Thursday, July 2nd. Piper Sandler restated an “overweight” rating on shares of Robinhood Markets in a research note on Thursday, July 2nd. Finally, Citizens Jmp restated a “market outperform” rating and set a $155.00 price objective on shares of Robinhood Markets in a research note on Thursday, May 28th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $120.00.

Robinhood Markets Trading Up 1.2%

Shares of NASDAQ:HOOD traded up $1.24 on Monday, hitting $101.20. 7,917,614 shares of the company were exchanged, compared to its average volume of 29,736,090. The firm has a market capitalization of $91.13 billion, a P/E ratio of 48.96, a price-to-earnings-growth ratio of 2.11 and a beta of 2.33. Robinhood Markets has a 1-year low of $63.51 and a 1-year high of $153.86. The stock’s 50 day moving average price is $94.26 and its 200 day moving average price is $88.89.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Tuesday, April 28th. The company reported $0.38 earnings per share (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 analyst estimates of $1.14 billion. Robinhood Markets had a net margin of 41.12% and a return on equity of 21.39%. Robinhood Markets’s revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.37 earnings per share. On average, equities analysts predict that Robinhood Markets will post 1.86 EPS for the current fiscal year.

Insider Buying and Selling at Robinhood Markets

In other news, CEO Vladimir Tenev sold 375,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $116.17, for a total transaction of $43,563,750.00. Following the completion of the sale, the chief executive officer owned 375,000 shares of the company’s stock, valued at $43,563,750. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Meyer Malka purchased 250,000 shares of Robinhood Markets stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average price of $80.74 per share, with a total value of $20,185,000.00. Following the transaction, the director owned 3,924,427 shares in the company, valued at approximately $316,858,235.98. The trade was a 6.80% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 680,000 shares of company stock valued at $55,306,560 and sold 587,875 shares valued at $62,602,915. 13.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Truist Financial Corp raised its position in Robinhood Markets by 88.9% in the 4th quarter. Truist Financial Corp now owns 145,489 shares of the company’s stock valued at $16,455,000 after purchasing an additional 68,458 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Robinhood Markets by 86.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 100,849 shares of the company’s stock valued at $11,406,000 after buying an additional 46,688 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Robinhood Markets by 26.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 365,551 shares of the company’s stock worth $44,477,000 after buying an additional 76,075 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in Robinhood Markets by 196.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 722,857 shares of the company’s stock valued at $81,755,000 after acquiring an additional 478,919 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in Robinhood Markets by 5.2% in the fourth quarter. Nordea Investment Management AB now owns 712,721 shares of the company’s stock valued at $81,585,000 after acquiring an additional 35,471 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.