Robinhood Markets (NASDAQ:HOOD) Earns Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Robinhood Markets (NASDAQ:HOOD) in a report released on Tuesday, Benzinga reports. Piper Sandler currently has a $27.00 price target on the stock.

A number of other research firms have also recently commented on HOOD. Bank of America lifted their target price on shares of Robinhood Markets from $28.00 to $32.00 and gave the stock a buy rating in a research note on Monday, August 12th. Barclays raised their price objective on shares of Robinhood Markets from $20.00 to $23.00 and gave the stock an equal weight rating in a research note on Monday. JMP Securities restated a market outperform rating and set a $30.00 price target on shares of Robinhood Markets in a research report on Thursday, August 8th. Morgan Stanley raised their target price on Robinhood Markets from $20.00 to $21.00 and gave the company an equal weight rating in a research report on Wednesday, August 14th. Finally, Keefe, Bruyette & Woods dropped their price objective on Robinhood Markets from $23.00 to $22.00 and set a market perform rating on the stock in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Robinhood Markets has a consensus rating of Hold and a consensus target price of $23.83.

Robinhood Markets Stock Performance

HOOD stock opened at $25.50 on Tuesday. Robinhood Markets has a one year low of $7.91 and a one year high of $25.87. The firm has a market cap of $22.41 billion, a price-to-earnings ratio of 170.00 and a beta of 1.84. The firm has a 50-day simple moving average of $20.92 and a two-hundred day simple moving average of $20.53.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, August 7th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.05. The company had revenue of $682.00 million during the quarter, compared to analysts’ expectations of $640.39 million. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. Robinhood Markets’s revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.03 earnings per share. As a group, equities analysts predict that Robinhood Markets will post 0.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Robinhood Markets

In other news, Director Meyer Malka sold 3,225,806 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the transaction, the director now directly owns 29,357,336 shares in the company, valued at $735,988,413.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Steven M. Quirk sold 208,291 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $24.98, for a total value of $5,203,109.18. Following the completion of the sale, the insider now owns 346,020 shares of the company’s stock, valued at approximately $8,643,579.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Meyer Malka sold 3,225,806 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the sale, the director now owns 29,357,336 shares of the company’s stock, valued at approximately $735,988,413.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,541,250 shares of company stock worth $107,643,767. Insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Institutional investors and hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its position in shares of Robinhood Markets by 46.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock valued at $29,000 after buying an additional 722 shares during the period. ORG Partners LLC acquired a new position in shares of Robinhood Markets in the 2nd quarter valued at $33,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Robinhood Markets during the 1st quarter worth $34,000. International Assets Investment Management LLC purchased a new position in shares of Robinhood Markets during the 2nd quarter worth $40,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Robinhood Markets during the 2nd quarter worth about $45,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.