Needham & Company LLC Reaffirms Hold Rating for Robinhood Markets (NASDAQ:HOOD)

Needham & Company LLC reiterated their hold rating on shares of Robinhood Markets (NASDAQ:HOOD) in a research note issued to investors on Thursday, Benzinga reports.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley upped their price objective on shares of Robinhood Markets from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. The Goldman Sachs Group increased their price objective on shares of Robinhood Markets from $22.50 to $25.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Citigroup raised their price target on shares of Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, September 27th. Bank of America increased their price objective on shares of Robinhood Markets from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Barclays raised their price target on shares of Robinhood Markets from $20.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $25.17.

Robinhood Markets Price Performance

Shares of HOOD stock opened at $23.97 on Thursday. The firm’s 50-day moving average is $23.44 and its two-hundred day moving average is $21.43. The company has a market capitalization of $21.21 billion, a PE ratio of 40.63 and a beta of 1.83. Robinhood Markets has a 12 month low of $7.91 and a 12 month high of $28.58.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). Robinhood Markets had a return on equity of 7.61% and a net margin of 21.80%. The firm had revenue of $637.00 million for the quarter, compared to analyst estimates of $660.53 million. During the same quarter last year, the firm earned ($0.09) EPS. The company’s revenue was up 36.4% on a year-over-year basis. Sell-side analysts forecast that Robinhood Markets will post 0.74 EPS for the current year.

Insider Activity

In other news, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $16.05, for a total transaction of $4,012,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Robinhood Markets news, Director Baiju Bhatt sold 143,944 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $18.73, for a total value of $2,696,071.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The disclosure for this sale can be found here. Insiders have sold 4,639,654 shares of company stock valued at $110,241,632 over the last 90 days. 19.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Robinhood Markets by 1.8% during the first quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock worth $1,143,960,000 after purchasing an additional 1,003,535 shares during the period. Renaissance Technologies LLC raised its position in shares of Robinhood Markets by 37.7% during the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock worth $173,770,000 after purchasing an additional 2,094,800 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Robinhood Markets by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 4,075,468 shares of the company’s stock worth $92,549,000 after purchasing an additional 112,967 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Robinhood Markets by 1,211,858.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock worth $89,410,000 after purchasing an additional 3,817,355 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Robinhood Markets by 8.7% during the second quarter. Bank of New York Mellon Corp now owns 2,410,791 shares of the company’s stock worth $54,749,000 after purchasing an additional 193,585 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Company Profile

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.