Robinhood Markets (NASDAQ:HOOD) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Robinhood Markets (NASDAQ:HOOD) from a hold rating to a strong-buy rating in a report released on Thursday morning,Zacks reports.

Other equities research analysts have also issued reports about the stock. Mizuho increased their price objective on shares of Robinhood Markets from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, July 2nd. KeyCorp boosted their target price on shares of Robinhood Markets from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Deutsche Bank Aktiengesellschaft upped their target price on shares of Robinhood Markets from $105.00 to $113.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Sanford C. Bernstein raised their target price on shares of Robinhood Markets from $130.00 to $160.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $145.00 target price (up from $135.00) on shares of Robinhood Markets in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Robinhood Markets presently has an average rating of “Moderate Buy” and an average target price of $122.67.

Robinhood Markets Stock Performance

NASDAQ HOOD opened at $122.11 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.23. Robinhood Markets has a twelve month low of $63.51 and a twelve month high of $153.86. The business has a 50-day moving average price of $102.73 and a 200-day moving average price of $88.26. The firm has a market cap of $109.79 billion, a price-to-earnings ratio of 53.79, a price-to-earnings-growth ratio of 2.56 and a beta of 2.34.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, July 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.18. Robinhood Markets had a return on equity of 22.43% and a net margin of 42.01%.The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the company earned $0.42 EPS. The firm’s quarterly revenue was up 32.5% on a year-over-year basis. As a group, equities research analysts predict that Robinhood Markets will post 2.08 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Shiv Verma sold 3,982 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $95.07, for a total value of $378,568.74. Following the sale, the chief financial officer directly owned 51,963 shares in the company, valued at $4,940,122.41. The trade was a 7.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Quirk sold 24,416 shares of Robinhood Markets stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $120.33, for a total value of $2,937,977.28. Following the completion of the transaction, the insider owned 77,839 shares of the company’s stock, valued at approximately $9,366,366.87. This represents a 23.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 626,283 shares of company stock valued at $69,070,083 in the last three months. Corporate insiders own 13.48% of the company’s stock.

Institutional Trading of Robinhood Markets

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust lifted its position in Robinhood Markets by 11.9% in the second quarter. Parkside Financial Bank & Trust now owns 1,089 shares of the company’s stock worth $109,000 after buying an additional 116 shares during the last quarter. Tucker Asset Management LLC bought a new position in Robinhood Markets during the second quarter valued at $536,000. Groupe la Francaise bought a new position in Robinhood Markets during the second quarter valued at $5,544,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Robinhood Markets in the second quarter valued at $6,918,000. Finally, California State Teachers Retirement System lifted its holdings in shares of Robinhood Markets by 9,976.4% in the 2nd quarter. California State Teachers Retirement System now owns 113,132,988 shares of the company’s stock worth $11,344,976,000 after acquiring an additional 112,010,233 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Key Stories Impacting Robinhood Markets

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

• Positive Sentiment: Analyst sentiment remains supportive. Scotiabank initiated coverage with a bullish view, while Piper Sandler raised its price target to $145 and expects football-related event contracts to increase activity. Robinhood generated $156 million from event contracts in the second quarter. Robinhood Stock Jumps After Wave of Analysts Upgrade
• Positive Sentiment: Robinhood Chain and crypto activity are emerging growth drivers. The new blockchain reportedly generated about $3.8 million in fees on September 1, while the company now has 13 business lines with more than $100 million in annualized revenue. Deutsche Bank also sees potential upside from Robinhood’s latest crypto initiatives. Robinhood Now Runs 13 Revenue Lines Above $100 Million a Year
• Positive Sentiment: CEO Vlad Tenev said Robinhood’s newly launched Trust Accounts have attracted more than $150 million since August, suggesting early customer demand for the offering. Robinhood Trust Accounts Now Have Over $150 Million

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.