Robinhood Markets (NASDAQ:HOOD) Trading 3.3% Higher – Here’s Why

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price rose 3.3% during trading on Tuesday . The company traded as high as $113.69 and last traded at $113.45. 17,595,065 shares changed hands during trading, a decline of 41% from the average daily volume of 29,983,734 shares. The stock had previously closed at $109.86.

Wall Street Analysts Forecast Growth

HOOD has been the topic of a number of recent research reports. Citigroup reiterated a “market outperform” rating on shares of Robinhood Markets in a research note on Thursday, May 28th. Keefe, Bruyette & Woods lowered their price objective on shares of Robinhood Markets from $75.00 to $65.00 and set a “market perform” rating for the company in a research note on Wednesday, April 29th. Citizens Jmp restated a “market outperform” rating and issued a $155.00 price objective on shares of Robinhood Markets in a report on Thursday, May 28th. Mizuho upped their target price on shares of Robinhood Markets from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, July 2nd. Finally, The Goldman Sachs Group increased their target price on shares of Robinhood Markets from $108.00 to $121.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Robinhood Markets has a consensus rating of “Moderate Buy” and a consensus target price of $118.00.

Robinhood Markets Trading Down 3.5%

The stock’s fifty day moving average price is $93.21 and its two-hundred day moving average price is $89.10. The firm has a market capitalization of $100.42 billion, a price-to-earnings ratio of 53.50, a price-to-earnings-growth ratio of 2.38 and a beta of 2.33.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Tuesday, April 28th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.14 billion. Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The business’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.37 EPS. Analysts anticipate that Robinhood Markets, Inc. will post 1.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Robinhood Markets

In related news, Director Baiju Bhatt sold 67,422 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $75.38, for a total transaction of $5,082,270.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven M. Quirk sold 19,377 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $119.96, for a total transaction of $2,324,464.92. Following the completion of the transaction, the insider owned 62,612 shares in the company, valued at $7,510,935.52. This represents a 23.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders acquired 680,000 shares of company stock worth $55,306,560 and sold 587,875 shares worth $62,602,915. 13.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Evolution Wealth Advisors LLC lifted its stake in Robinhood Markets by 5.2% in the 4th quarter. Evolution Wealth Advisors LLC now owns 1,916 shares of the company’s stock valued at $217,000 after buying an additional 95 shares in the last quarter. CogentBlue Wealth Advisors LLC grew its holdings in Robinhood Markets by 4.1% during the 4th quarter. CogentBlue Wealth Advisors LLC now owns 2,489 shares of the company’s stock valued at $282,000 after buying an additional 98 shares during the last quarter. SOA Wealth Advisors LLC. increased its position in Robinhood Markets by 11.5% during the fourth quarter. SOA Wealth Advisors LLC. now owns 968 shares of the company’s stock worth $109,000 after buying an additional 100 shares in the last quarter. Barnes Dennig Private Wealth Management LLC raised its holdings in shares of Robinhood Markets by 10.2% in the fourth quarter. Barnes Dennig Private Wealth Management LLC now owns 1,210 shares of the company’s stock worth $137,000 after acquiring an additional 112 shares during the last quarter. Finally, Bogart Wealth LLC raised its holdings in shares of Robinhood Markets by 8.5% in the fourth quarter. Bogart Wealth LLC now owns 1,463 shares of the company’s stock worth $165,000 after acquiring an additional 114 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

About Robinhood Markets

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.