Robinhood Markets (NASDAQ:HOOD) Reaches New 12-Month High – Here’s Why

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.79 and last traded at $48.77, with a volume of 1346651 shares traded. The stock had previously closed at $48.15.

Analyst Upgrades and Downgrades

HOOD has been the subject of several research reports. Keefe, Bruyette & Woods increased their price target on Robinhood Markets from $24.00 to $38.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. JPMorgan Chase & Co. upgraded shares of Robinhood Markets from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $20.00 to $43.00 in a research report on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and set a $52.00 price target (up from $40.00) on shares of Robinhood Markets in a research note on Monday, December 9th. Morgan Stanley raised their price target on Robinhood Markets from $55.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Piper Sandler boosted their price objective on Robinhood Markets from $36.00 to $42.00 and gave the company an “overweight” rating in a research note on Monday, December 2nd. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.07.

Robinhood Markets Stock Up 0.3 %

The firm has a market capitalization of $44.34 billion, a P/E ratio of 85.02, a price-to-earnings-growth ratio of 0.67 and a beta of 2.07. The firm’s 50-day simple moving average is $39.64 and its 200-day simple moving average is $28.77.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The firm had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The firm’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.09) EPS. As a group, analysts expect that Robinhood Markets, Inc. will post 0.97 EPS for the current fiscal year.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, insider Steven M. Quirk sold 19,861 shares of the business’s stock in a transaction dated Sunday, December 1st. The shares were sold at an average price of $37.54, for a total value of $745,581.94. Following the transaction, the insider now owns 395,166 shares in the company, valued at approximately $14,834,531.64. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $24.21, for a total transaction of $6,052,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,700,658 shares of company stock worth $140,360,682. Company insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds have recently made changes to their positions in HOOD. Allspring Global Investments Holdings LLC boosted its holdings in Robinhood Markets by 1,211,858.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock valued at $89,410,000 after acquiring an additional 3,817,355 shares in the last quarter. Azora Capital LP purchased a new position in shares of Robinhood Markets during the third quarter valued at about $79,780,000. FMR LLC raised its stake in Robinhood Markets by 31.3% in the third quarter. FMR LLC now owns 14,129,544 shares of the company’s stock worth $330,914,000 after buying an additional 3,368,118 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Robinhood Markets by 486.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,788,666 shares of the company’s stock worth $103,906,000 after buying an additional 2,313,213 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Robinhood Markets by 19.5% in the third quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock worth $271,708,000 after buying an additional 1,895,427 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Company Profile

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.