Robinhood Markets (NASDAQ:HOOD) Upgraded to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of Robinhood Markets (NASDAQ:HOOD) from a hold rating to a buy rating in a research note released on Monday, Marketbeat.com reports. The brokerage currently has $40.00 price objective on the stock.

Other analysts also recently issued research reports about the company. JMP Securities upped their price target on Robinhood Markets from $33.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. increased their price target on Robinhood Markets from $17.00 to $21.00 and gave the company an “underweight” rating in a report on Thursday, October 17th. Piper Sandler raised their target price on shares of Robinhood Markets from $27.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Barclays raised their price target on Robinhood Markets from $23.00 to $26.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group cut their price objective on Robinhood Markets from $25.00 to $22.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Robinhood Markets currently has an average rating of “Moderate Buy” and a consensus target price of $27.34.

Robinhood Markets Price Performance

Shares of NASDAQ HOOD opened at $35.00 on Monday. Robinhood Markets has a one year low of $7.96 and a one year high of $35.62. The business’s 50-day moving average price is $25.77 and its two-hundred day moving average price is $22.49. The company has a market capitalization of $30.94 billion, a P/E ratio of 59.32, a price-to-earnings-growth ratio of 0.77 and a beta of 1.84.

Robinhood Markets (NASDAQ:HOOD) last announced 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). The firm had revenue of $637.00 million during the quarter, compared to the consensus estimate of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The company’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. On average, equities analysts anticipate that Robinhood Markets will post 0.72 EPS for the current year.

Insider Buying and Selling at Robinhood Markets

In related news, Director Baiju Bhatt sold 139,916 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $19.55, for a total value of $2,735,357.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total value of $241,625.00. Following the transaction, the insider now owns 1,045,068 shares in the company, valued at approximately $20,201,164.44. This trade represents a 1.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,710,549 shares of company stock worth $115,477,194 over the last three months. Company insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HM Payson & Co. raised its position in shares of Robinhood Markets by 53.5% during the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock worth $28,000 after purchasing an additional 410 shares during the period. Eastern Bank bought a new position in Robinhood Markets in the third quarter valued at approximately $30,000. True Wealth Design LLC acquired a new position in shares of Robinhood Markets in the third quarter valued at approximately $30,000. ORG Partners LLC bought a new stake in shares of Robinhood Markets during the second quarter worth $33,000. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Robinhood Markets during the third quarter worth $33,000. 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.