Robinhood Markets (NASDAQ:HOOD) Trading Up 8.8% on Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price was up 8.8% during mid-day trading on Wednesday after Argus raised their price target on the stock from $90.00 to $110.00. Argus currently has a buy rating on the stock. Robinhood Markets traded as high as $110.73 and last traded at $105.20. Approximately 69,938,292 shares traded hands during mid-day trading, an increase of 130% from the average daily volume of 30,389,297 shares. The stock had previously closed at $96.71.

A number of other research analysts also recently commented on HOOD. The Goldman Sachs Group increased their target price on shares of Robinhood Markets from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Zacks Research raised shares of Robinhood Markets from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $155.00 target price on shares of Robinhood Markets in a research report on Thursday, May 28th. Needham & Company LLC increased their target price on shares of Robinhood Markets from $85.00 to $97.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $100.00 target price on shares of Robinhood Markets in a report on Monday, June 1st. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Robinhood Markets presently has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Insider Buying and Selling

In other news, insider Steven M. Quirk sold 10,837 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $85.91, for a total transaction of $931,006.67. Following the transaction, the insider directly owned 81,989 shares of the company’s stock, valued at $7,043,674.99. This represents a 11.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Meyer Malka purchased 250,000 shares of the stock in a transaction dated Friday, June 5th. The shares were bought at an average cost of $80.74 per share, for a total transaction of $20,185,000.00. Following the completion of the purchase, the director owned 3,924,427 shares in the company, valued at approximately $316,858,235.98. This trade represents a 6.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 680,000 shares of company stock worth $55,306,560 and sold 633,484 shares worth $47,542,923. 19.95% of the stock is owned by corporate insiders.

Robinhood Markets News Roundup

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

• Positive Sentiment: Multiple Wall Street firms reiterated a bullish view on Robinhood, and Argus raised its price target to $110 from $90 while keeping a buy rating, reinforcing confidence that the company’s growth story remains intact. Robinhood stock gains as analysts back growth despite layoffs
• Positive Sentiment: Robinhood said it is cutting about 10% of its workforce to stay lean and speed up product launches, with the move framed as an efficiency initiative while trading activity remains at record levels. Robinhood Trims Workforce to Stay Agile Amid Record Trading Activities
• Positive Sentiment: The stock is also benefiting from reports of record trading volumes, which support the case for stronger near-term revenue and operating leverage. Robinhood Soars 12%, Webull Jumps 8% as a Workforce Cut Meets Record Trading Volumes
• Neutral Sentiment: Robinhood CEO Vlad Tenev continued to promote a long-term growth narrative around broader market participation and wealth creation, but this appears more like a strategic message than a direct near-term catalyst. Robinhood CEO Vlad Tenev Has A Plan To Build Wealth: ‘Make Everyone An Owner’
• Negative Sentiment: Recent insider sales by CFO Shiv Verma and director Baiju Bhatt may create some caution, even though both transactions were made under pre-arranged trading plans. SEC filing for Shiv Verma sale SEC filing for Baiju Bhatt sale

Institutional Investors Weigh In On Robinhood Markets

Several hedge funds have recently modified their holdings of the company. CYBER HORNET ETFs LLC lifted its holdings in shares of Robinhood Markets by 527.8% during the 4th quarter. CYBER HORNET ETFs LLC now owns 226 shares of the company’s stock worth $26,000 after acquiring an additional 190 shares during the period. MV Capital Management Inc. purchased a new stake in shares of Robinhood Markets during the fourth quarter valued at approximately $27,000. Swiss RE Ltd. acquired a new stake in shares of Robinhood Markets during the fourth quarter worth approximately $27,000. Elyxium Wealth LLC acquired a new stake in shares of Robinhood Markets during the fourth quarter worth approximately $27,000. Finally, Sound Income Strategies LLC boosted its holdings in Robinhood Markets by 152.6% in the fourth quarter. Sound Income Strategies LLC now owns 240 shares of the company’s stock worth $26,000 after purchasing an additional 145 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Price Performance

The stock has a market cap of $94.73 billion, a price-to-earnings ratio of 50.82, a P/E/G ratio of 2.45 and a beta of 2.35. The business’s fifty day simple moving average is $81.23 and its 200 day simple moving average is $91.67.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). Robinhood Markets had a net margin of 41.12% and a return on equity of 21.39%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm posted $0.37 EPS. The business’s revenue was up 15.1% compared to the same quarter last year. As a group, equities analysts forecast that Robinhood Markets, Inc. will post 1.83 EPS for the current fiscal year.

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.