Robinhood Markets (NASDAQ:HOOD) Hits New 52-Week High – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD) shares reached a new 52-week high on Tuesday . The company traded as high as $57.27 and last traded at $56.27, with a volume of 23443481 shares. The stock had previously closed at $55.86.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on HOOD shares. JPMorgan Chase & Co. upgraded Robinhood Markets from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $20.00 to $43.00 in a research report on Tuesday, January 7th. Mizuho boosted their target price on Robinhood Markets from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Morgan Stanley boosted their target price on shares of Robinhood Markets from $55.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. The Goldman Sachs Group raised Robinhood Markets from a “neutral” rating to a “buy” rating and upped their target price for the stock from $40.00 to $46.00 in a research report on Friday, December 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price target (up from $40.00) on shares of Robinhood Markets in a research report on Monday, December 9th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Robinhood Markets has an average rating of “Moderate Buy” and an average price target of $46.67.

Robinhood Markets Stock Up 4.8 %

The firm has a 50 day simple moving average of $44.48 and a two-hundred day simple moving average of $31.90. The stock has a market capitalization of $49.42 billion, a P/E ratio of 94.76, a PEG ratio of 0.73 and a beta of 2.13.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. On average, research analysts predict that Robinhood Markets, Inc. will post 0.97 earnings per share for the current year.

Insider Activity

In other news, CEO Vladimir Tenev sold 750,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total transaction of $29,370,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven M. Quirk sold 19,861 shares of the company’s stock in a transaction that occurred on Sunday, December 1st. The stock was sold at an average price of $37.54, for a total value of $745,581.94. Following the transaction, the insider now directly owns 395,166 shares in the company, valued at approximately $14,834,531.64. This trade represents a 4.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,948,427 shares of company stock valued at $165,005,244 in the last ninety days. 19.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors and hedge funds have recently made changes to their positions in HOOD. FMR LLC increased its holdings in Robinhood Markets by 31.3% during the 3rd quarter. FMR LLC now owns 14,129,544 shares of the company’s stock worth $330,914,000 after purchasing an additional 3,368,118 shares in the last quarter. State Street Corp boosted its position in shares of Robinhood Markets by 8.7% during the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after buying an additional 1,085,679 shares during the last quarter. Geode Capital Management LLC grew its holdings in Robinhood Markets by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock worth $455,464,000 after buying an additional 555,299 shares in the last quarter. Norges Bank bought a new stake in shares of Robinhood Markets in the 4th quarter worth $329,598,000. Finally, GQG Partners LLC purchased a new stake in Robinhood Markets in the 4th quarter valued at about $302,325,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.