Robinhood Markets (NASDAQ:HOOD) Stock Price Up 7.1% – What’s Next?

Robinhood Markets, Inc. (NASDAQ:HOOD) rose 7.1% during trading on Monday . The stock traded as high as $115.72 and last traded at $114.97. Approximately 30,492,911 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 39,963,664 shares. The stock had previously closed at $107.30.

Wall Street Analysts Forecast Growth

HOOD has been the topic of a number of recent analyst reports. Needham & Company LLC boosted their target price on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. CICC Research initiated coverage on shares of Robinhood Markets in a research note on Monday, October 27th. They set an “outperform” rating and a $155.00 price objective on the stock. Cantor Fitzgerald raised their target price on shares of Robinhood Markets from $130.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. KeyCorp boosted their price target on Robinhood Markets from $135.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Finally, Dbs Bank upgraded Robinhood Markets to a “moderate buy” rating in a research note on Wednesday, November 12th. Fourteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $136.95.

Robinhood Markets Stock Performance

The stock has a market capitalization of $103.38 billion, a price-to-earnings ratio of 47.71, a price-to-earnings-growth ratio of 2.41 and a beta of 2.42. The business has a fifty day simple moving average of $132.33 and a 200 day simple moving average of $105.83.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Wednesday, November 5th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.20. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business posted $0.17 earnings per share. Robinhood Markets’s quarterly revenue was up 100.0% on a year-over-year basis. On average, sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, insider Steven M. Quirk sold 48,350 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $140.61, for a total transaction of $6,798,493.50. Following the transaction, the insider owned 70,279 shares in the company, valued at $9,881,930.19. This represents a 40.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total transaction of $104,797,500.00. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 5,134,080 shares of company stock worth $626,549,514. Company insiders own 19.95% of the company’s stock.

Institutional Trading of Robinhood Markets

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Robinhood Markets by 24.9% in the third quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock valued at $13,521,497,000 after purchasing an additional 18,824,923 shares in the last quarter. State Street Corp grew its stake in Robinhood Markets by 103.2% during the third quarter. State Street Corp now owns 32,246,155 shares of the company’s stock worth $4,617,004,000 after buying an additional 16,375,734 shares in the last quarter. WCM Investment Management LLC increased its holdings in Robinhood Markets by 3,615.7% in the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock valued at $1,081,910,000 after buying an additional 11,244,182 shares during the period. Norges Bank acquired a new position in shares of Robinhood Markets in the 2nd quarter valued at approximately $973,122,000. Finally, Kingstone Capital Partners Texas LLC acquired a new position in shares of Robinhood Markets in the 2nd quarter valued at approximately $951,479,000. 93.27% of the stock is currently owned by institutional investors.

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.