Robinhood Markets (NASDAQ:HOOD) Shares Gap Up – Still a Buy?

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $48.85, but opened at $51.76. Robinhood Markets shares last traded at $49.62, with a volume of 9,672,414 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Needham & Company LLC boosted their target price on Robinhood Markets from $52.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Sanford C. Bernstein upped their price target on Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Morgan Stanley upped their price objective on Robinhood Markets from $64.00 to $90.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Barclays upped their price objective on Robinhood Markets from $54.00 to $76.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and increased their price target for the company from $40.00 to $46.00 in a research note on Friday, December 6th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Robinhood Markets has an average rating of “Moderate Buy” and a consensus target price of $59.53.

Robinhood Markets Price Performance

The company has a market capitalization of $44.29 billion, a P/E ratio of 31.91, a P/E/G ratio of 1.05 and a beta of 2.13. The stock has a 50-day moving average price of $48.34 and a 200-day moving average price of $34.88.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. Sell-side analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Robinhood Markets news, insider Steven M. Quirk sold 19,861 shares of the firm’s stock in a transaction that occurred on Sunday, December 1st. The stock was sold at an average price of $37.54, for a total value of $745,581.94. Following the completion of the sale, the insider now owns 395,166 shares of the company’s stock, valued at approximately $14,834,531.64. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $38.22, for a total value of $477,750.00. Following the completion of the sale, the insider now directly owns 1,106,955 shares of the company’s stock, valued at $42,307,820.10. This trade represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,643,879 shares of company stock worth $207,663,007. 19.95% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of hedge funds have recently added to or reduced their stakes in HOOD. Toronto Dominion Bank boosted its position 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 buying an additional 16,219 shares during the last quarter. Everence Capital Management Inc. purchased a new position in shares of Robinhood Markets during the fourth quarter valued at approximately $634,000. Atomi Financial Group Inc. boosted its position in shares of Robinhood Markets by 20.7% during the fourth quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock valued at $20,154,000 after buying an additional 92,613 shares during the last quarter. Requisite Capital Management LLC purchased a new position in shares of Robinhood Markets during the fourth quarter valued at approximately $266,000. Finally, Baker Avenue Asset Management LP boosted its position in shares of Robinhood Markets by 77.9% during the third quarter. Baker Avenue Asset Management LP now owns 464,306 shares of the company’s stock valued at $10,874,000 after buying an additional 203,354 shares during the last quarter. Institutional investors and hedge funds 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.