Robinhood Markets (NASDAQ:HOOD) Stock Rating Upgraded by Zacks Research

Robinhood Markets (NASDAQ:HOOD) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday, Zacks reports.

A number of other equities research analysts have also weighed in on HOOD. Citigroup restated a “market outperform” rating on shares of Robinhood Markets in a research note on Thursday, May 28th. The Goldman Sachs Group decreased their price objective on shares of Robinhood Markets from $137.00 to $118.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Argus boosted their target price on shares of Robinhood Markets from $90.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, June 17th. BTIG Research reaffirmed a “buy” rating and issued a $125.00 price target on shares of Robinhood Markets in a report on Thursday, July 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $145.00 price objective (up from $135.00) on shares of Robinhood Markets in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.67.

Robinhood Markets Stock Performance

Shares of HOOD opened at $122.11 on Thursday. Robinhood Markets has a 12 month low of $63.51 and a 12 month high of $153.86. The stock has a fifty day moving average price of $102.73 and a 200-day moving average price of $88.26. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.23. The firm has a market cap of $109.79 billion, a PE ratio of 53.79, a P/E/G ratio of 2.56 and a beta of 2.34.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.18. Robinhood Markets had a return on equity of 22.43% and a net margin of 42.01%.The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the firm earned $0.42 EPS. The business’s quarterly revenue was up 32.5% on a year-over-year basis. Equities research analysts predict that Robinhood Markets will post 2.08 earnings per share for the current fiscal year.

Insider Activity at Robinhood Markets

In other news, CFO Shiv Verma sold 3,982 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $95.07, for a total value of $378,568.74. Following the completion of the transaction, the chief financial officer owned 51,963 shares of the company’s stock, valued at $4,940,122.41. The trade was a 7.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel Gallagher, Jr. sold 10,000 shares of Robinhood Markets stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $122.43, for a total value of $1,224,300.00. Following the transaction, the insider owned 509,943 shares of the company’s stock, valued at approximately $62,432,321.49. This represents a 1.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 626,283 shares of company stock worth $69,070,083 in the last three months. Company insiders own 13.48% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors have recently modified their holdings of HOOD. California State Teachers Retirement System grew its holdings in Robinhood Markets by 9,976.4% in the second quarter. California State Teachers Retirement System now owns 113,132,988 shares of the company’s stock valued at $11,344,976,000 after purchasing an additional 112,010,233 shares during the period. State Street Corp lifted its position in shares of Robinhood Markets by 2.7% during the 4th quarter. State Street Corp now owns 33,121,452 shares of the company’s stock valued at $3,746,036,000 after buying an additional 875,297 shares in the last quarter. Geode Capital Management LLC grew its stake in Robinhood Markets by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 21,171,925 shares of the company’s stock valued at $2,386,944,000 after acquiring an additional 356,902 shares during the period. Morgan Stanley increased its holdings in Robinhood Markets by 23.9% in the 4th quarter. Morgan Stanley now owns 10,683,776 shares of the company’s stock worth $1,208,335,000 after acquiring an additional 2,061,832 shares in the last quarter. Finally, Norges Bank purchased a new position in Robinhood Markets during the fourth quarter valued at $1,202,160,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Robinhood Markets

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Analyst sentiment remains supportive. Scotiabank initiated coverage with a bullish view, while Piper Sandler raised its price target to $145 and expects football-related event contracts to increase activity. Robinhood generated $156 million from event contracts in the second quarter. Robinhood Stock Jumps After Wave of Analysts Upgrade
• Positive Sentiment: Robinhood Chain and crypto activity are emerging growth drivers. The new blockchain reportedly generated about $3.8 million in fees on September 1, while the company now has 13 business lines with more than $100 million in annualized revenue. Deutsche Bank also sees potential upside from Robinhood’s latest crypto initiatives. Robinhood Now Runs 13 Revenue Lines Above $100 Million a Year
• Positive Sentiment: CEO Vlad Tenev said Robinhood’s newly launched Trust Accounts have attracted more than $150 million since August, suggesting early customer demand for the offering. Robinhood Trust Accounts Now Have Over $150 Million

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.