Robinhood Markets (NASDAQ:HOOD) Trading 3.4% Higher – Here’s What Happened

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) traded up 3.4% during mid-day trading on Monday . The company traded as high as $59.33 and last traded at $56.52. 19,776,784 shares were traded during mid-day trading, a decline of 24% from the average session volume of 26,075,455 shares. The stock had previously closed at $54.65.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Cantor Fitzgerald reduced their price target on Robinhood Markets from $62.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Compass Point assumed coverage on Robinhood Markets in a report on Wednesday, March 19th. They issued a “buy” rating and a $61.00 price target for the company. Wolfe Research downgraded Robinhood Markets from an “outperform” rating to a “peer perform” rating in a report on Tuesday, February 18th. Morgan Stanley downgraded Robinhood Markets from an “overweight” rating to an “equal weight” rating and set a $40.00 price target for the company. in a report on Tuesday, April 8th. Finally, Raymond James assumed coverage on Robinhood Markets in a report on Wednesday, February 5th. They issued a “market perform” rating for the company. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.24.

Robinhood Markets Trading Up 5.1%

The business has a 50-day moving average price of $43.38 and a two-hundred day moving average price of $42.61. The firm has a market capitalization of $50.87 billion, a price-to-earnings ratio of 36.59, a PEG ratio of 1.05 and a beta of 2.15.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.04). The company had revenue of $927.00 million for the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The firm’s revenue for the quarter was up 50.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. On average, equities research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Transactions at Robinhood Markets

In related news, Director Baiju Bhatt sold 522,180 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $62.70, for a total value of $32,740,686.00. Following the sale, the director now directly owns 5,042 shares in the company, valued at $316,133.40. This trade represents a 99.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total value of $31,470,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,243,727 shares of company stock worth $109,688,747. 14.47% of the stock is currently owned by company insiders.

Institutional Trading of Robinhood Markets

Several large investors have recently added to or reduced their stakes in HOOD. FMR LLC increased its position in shares of Robinhood Markets by 184.8% during the 4th quarter. FMR LLC now owns 40,237,478 shares of the company’s stock valued at $1,499,248,000 after purchasing an additional 26,107,934 shares during the period. Norges Bank acquired a new position in shares of Robinhood Markets during the 4th quarter valued at $329,598,000. GQG Partners LLC acquired a new position in shares of Robinhood Markets during the 4th quarter valued at $302,325,000. Vanguard Group Inc. increased its position in shares of Robinhood Markets by 8.6% during the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company’s stock valued at $3,089,914,000 after purchasing an additional 5,874,701 shares during the period. Finally, Artisan Partners Limited Partnership acquired a new position in shares of Robinhood Markets during the 4th quarter valued at $152,949,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.