Robinhood Markets (NASDAQ:HOOD) Trading 1.3% Higher – Here’s Why

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price shot up 1.3% during mid-day trading on Monday . The company traded as high as $95.95 and last traded at $94.52. 11,836,227 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 28,730,578 shares. The stock had previously closed at $93.29.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on HOOD. Truist Financial cut their price objective on shares of Robinhood Markets from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Monday, April 13th. JPMorgan Chase & Co. cut their price target on shares of Robinhood Markets from $113.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, April 23rd. Argus lifted their price target on shares of Robinhood Markets from $90.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, June 17th. Mizuho boosted their price objective on shares of Robinhood Markets from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, July 2nd. Finally, Zacks Research upgraded Robinhood Markets from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.52.

Robinhood Markets Price Performance

The company’s fifty day moving average is $99.17 and its 200 day moving average is $86.66. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.23. The stock has a market cap of $84.98 billion, a PE ratio of 41.64, a price-to-earnings-growth ratio of 1.83 and a beta of 2.35.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.18. Robinhood Markets had a net margin of 42.01% and a return on equity of 22.43%. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm earned $0.42 earnings per share. Robinhood Markets’s revenue for the quarter was up 32.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Robinhood Markets, Inc. will post 2.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Robinhood Markets news, Director Baiju Bhatt sold 67,422 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $75.38, for a total transaction of $5,082,270.36. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Meyer Malka bought 250,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was bought at an average cost of $80.74 per share, with a total value of $20,185,000.00. Following the transaction, the director directly owned 3,924,427 shares of the company’s stock, valued at approximately $316,858,235.98. This trade represents a 6.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 680,000 shares of company stock valued at $55,306,560 and sold 631,263 shares valued at $66,929,157. 13.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors and hedge funds have recently bought and sold shares of HOOD. Truist Financial Corp increased 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 acquiring an additional 68,458 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Robinhood Markets by 86.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 100,849 shares of the company’s stock valued at $11,406,000 after purchasing an additional 46,688 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position 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 worth $81,755,000 after buying an additional 478,919 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Robinhood Markets by 100.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 60,000 shares of the company’s stock valued at $6,786,000 after purchasing an additional 30,000 shares during the last quarter. Finally, Swiss Life Asset Management Ltd boosted its holdings in shares of Robinhood Markets by 107.8% in the fourth quarter. Swiss Life Asset Management Ltd now owns 272,604 shares of the company’s stock worth $30,832,000 after buying an additional 141,440 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Robinhood Markets Company Profile

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.