The Goldman Sachs Group Forecasts Strong Price Appreciation for Robinhood Markets (NASDAQ:HOOD) Stock

Robinhood Markets (NASDAQ:HOOD) had its price target raised by research analysts at The Goldman Sachs Group from $81.00 to $82.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 12.95% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Compass Point initiated coverage on Robinhood Markets in a research report on Wednesday, March 19th. They issued a “buy” rating and a $61.00 target price for the company. Cantor Fitzgerald decreased their price objective on Robinhood Markets from $62.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Citigroup cut their price objective on shares of Robinhood Markets from $60.00 to $50.00 and set a “neutral” rating for the company in a research report on Wednesday, April 2nd. Needham & Company LLC reissued a “buy” rating and set a $71.00 price target on shares of Robinhood Markets in a report on Tuesday, May 27th. Finally, Piper Sandler raised their price target on Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus target price of $57.17.

Robinhood Markets Trading Down 1.7%

Shares of NASDAQ HOOD opened at $72.60 on Thursday. Robinhood Markets has a 12-month low of $13.98 and a 12-month high of $77.80. The stock has a market cap of $64.28 billion, a P/E ratio of 46.24, a PEG ratio of 1.05 and a beta of 2.25. The business’s fifty day simple moving average is $56.22 and its 200-day simple moving average is $48.65.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.04). The company had revenue of $927.00 million during the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. Robinhood Markets’s revenue for the quarter was up 50.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 EPS. On average, equities analysts forecast that Robinhood Markets will post 1.35 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Baiju Bhatt sold 223,528 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $43.21, for a total transaction of $9,658,644.88. Following the completion of the sale, the director now directly owns 5,042 shares of the company’s stock, valued at approximately $217,864.82. This represents a 97.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,865 shares of Robinhood Markets stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $73.49, for a total value of $431,018.85. Following the sale, the chief technology officer now directly owns 20,636 shares in the company, valued at approximately $1,516,539.64. The trade was a 22.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,650,974 shares of company stock valued at $142,977,123. Insiders own 14.47% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

Institutional investors and hedge funds have recently made changes to their positions in the company. IFP Advisors Inc raised its holdings in Robinhood Markets by 601.1% during the fourth quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock worth $164,000 after purchasing an additional 3,769 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Robinhood Markets by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock valued at $175,857,000 after purchasing an additional 138,267 shares during the last quarter. Aigen Investment Management LP boosted its holdings in shares of Robinhood Markets by 161.2% in the fourth quarter. Aigen Investment Management LP now owns 85,868 shares of the company’s stock worth $3,199,000 after buying an additional 52,988 shares during the period. Allegiance Financial Group Advisory Services LLC purchased a new stake in shares of Robinhood Markets in the 4th quarter valued at approximately $207,000. Finally, Fiduciary Alliance LLC acquired a new position in Robinhood Markets in the 1st quarter worth approximately $2,177,000. 93.27% of the stock is 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.