Robinhood Markets (NASDAQ:HOOD) Trading 2.5% Higher – Here’s What Happened

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) traded up 2.5% during mid-day trading on Wednesday . The stock traded as high as $35.79 and last traded at $35.03. 19,160,708 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 23,072,946 shares. The stock had previously closed at $34.17.

Wall Street Analyst Weigh In

A number of brokerages recently commented on HOOD. Morgan Stanley lowered Robinhood Markets from an “overweight” rating to an “equal weight” rating and set a $40.00 price target for the company. in a research note on Tuesday. Cantor Fitzgerald initiated coverage on Robinhood Markets in a research report on Thursday, March 6th. They set an “overweight” rating and a $69.00 target price for the company. Wolfe Research cut shares of Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, February 18th. Barclays lowered their price objective on shares of Robinhood Markets from $76.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Robinhood Markets from $75.00 to $61.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Robinhood Markets Price Performance

The stock has a market capitalization of $31.57 billion, a PE ratio of 22.49, a P/E/G ratio of 1.05 and a beta of 2.17. The firm has a fifty day moving average price of $47.26 and a two-hundred day moving average price of $39.07.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. On average, research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $38.31, for a total value of $957,750.00. Following the transaction, the insider now owns 822,825 shares of the company’s stock, valued at $31,522,425.75. This represents a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Tenev sold 750,000 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was 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. Insiders have sold 2,646,134 shares of company stock valued at $132,604,246 in the last 90 days. Company insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in HOOD. Toronto Dominion Bank boosted its stake in shares of Robinhood Markets by 31.1% during the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock valued at $1,602,000 after purchasing an additional 16,219 shares in the last quarter. IFP Advisors Inc boosted its position in Robinhood Markets by 601.1% during the 4th quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock valued at $164,000 after acquiring an additional 3,769 shares in the last quarter. Everence Capital Management Inc. bought a new stake in Robinhood Markets during the 4th quarter valued at $634,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Robinhood Markets by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock valued at $175,857,000 after acquiring an additional 138,267 shares during the period. Finally, Atomi Financial Group Inc. raised its position in shares of Robinhood Markets by 20.7% in the 4th quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock worth $20,154,000 after acquiring an additional 92,613 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.