Robinhood Markets (NASDAQ:HOOD) Trading Up 8.6% – Time to Buy?

Robinhood Markets, Inc. (NASDAQ:HOOD) shares were up 8.6% during mid-day trading on Friday . The stock traded as high as $38.55 and last traded at $39.13. Approximately 15,389,894 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 33,051,563 shares. The stock had previously closed at $36.02.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on HOOD shares. KeyCorp lifted their price objective on shares of Robinhood Markets from $57.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. JMP Securities lifted their target price on shares of Robinhood Markets from $60.00 to $77.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Morgan Stanley lifted their target price on shares of Robinhood Markets from $64.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Cantor Fitzgerald initiated coverage on shares of Robinhood Markets in a research report on Thursday, March 6th. They issued an “overweight” rating and a $69.00 target price on the stock. Finally, Barclays lifted their target price on shares of Robinhood Markets from $54.00 to $76.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Robinhood Markets has a consensus rating of “Moderate Buy” and an average target price of $61.31.

Robinhood Markets Price Performance

The stock has a market capitalization of $34.78 billion, a price-to-earnings ratio of 24.97, a PEG ratio of 1.05 and a beta of 2.14. The stock’s 50 day simple moving average is $48.93 and its 200-day simple moving average is $36.26.

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

Insider Buying and Selling at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $49.02, for a total value of $1,225,500.00. Following the completion of the sale, the insider now directly owns 822,893 shares in the company, valued at approximately $40,338,214.86. The trade was a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $46.81, for a total transaction of $273,978.93. Following the completion of the sale, the chief technology officer now owns 17,559 shares of the company’s stock, valued at $821,936.79. The trade was a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,985,127 shares of company stock worth $142,455,378 over the last ninety days. 19.95% of the stock is currently owned by insiders.

Institutional Trading of Robinhood Markets

A number of institutional investors and hedge funds have recently modified their holdings of HOOD. Axxcess Wealth Management LLC lifted its stake in shares of Robinhood Markets by 3.1% in the third quarter. Axxcess Wealth Management LLC now owns 19,773 shares of the company’s stock worth $463,000 after buying an additional 598 shares during the last quarter. Victory Capital Management Inc. increased its position in Robinhood Markets by 85.3% during the third quarter. Victory Capital Management Inc. now owns 117,383 shares of the company’s stock worth $2,749,000 after acquiring an additional 54,046 shares during the period. Plato Investment Management Ltd bought a new position in Robinhood Markets during the third quarter worth $122,000. CIBC Asset Management Inc increased its position in Robinhood Markets by 3.4% during the third quarter. CIBC Asset Management Inc now owns 21,731 shares of the company’s stock worth $509,000 after acquiring an additional 724 shares during the period. Finally, Sheaff Brock Investment Advisors LLC bought a new position in Robinhood Markets during the third quarter worth $288,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.