Robinhood Markets (NASDAQ:HOOD) Coverage Initiated at Truist Financial

Equities researchers at Truist Financial started coverage on shares of Robinhood Markets (NASDAQ:HOOD) in a note issued to investors on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $155.00 price target on the stock. Truist Financial’s price objective suggests a potential upside of 32.30% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Cantor Fitzgerald reduced their price target on Robinhood Markets from $155.00 to $152.00 and set an “overweight” rating for the company in a report on Thursday, December 11th. Citigroup raised their price objective on shares of Robinhood Markets from $120.00 to $135.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Bank of America decreased their target price on shares of Robinhood Markets from $166.00 to $154.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Keefe, Bruyette & Woods increased their price target on shares of Robinhood Markets from $121.00 to $135.00 and gave the company a “market perform” rating in a report on Thursday, November 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $145.00 price target on shares of Robinhood Markets in a research report on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $137.25.

Robinhood Markets Stock Up 1.2%

Shares of HOOD opened at $117.16 on Wednesday. The business’s 50 day moving average price is $129.54 and its 200-day moving average price is $113.17. Robinhood Markets has a 52 week low of $29.66 and a 52 week high of $153.86. The stock has a market cap of $105.35 billion, a P/E ratio of 48.61, a P/E/G ratio of 2.33 and a beta of 2.43.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.20. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.15 billion. Robinhood Markets had a return on equity of 21.74% and a net margin of 52.19%.The firm’s revenue for the quarter was up 100.0% on a year-over-year basis. During the same quarter last year, the company earned $0.17 EPS. On average, equities analysts anticipate that Robinhood Markets will post 1.35 EPS for the current year.

Insider Activity at Robinhood Markets

In related news, insider Steven M. Quirk sold 49,942 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $131.15, for a total value of $6,549,893.30. Following the sale, the insider owned 54,496 shares in the company, valued at approximately $7,147,150.40. This trade represents a 47.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 120,000 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $132.13, for a total transaction of $15,855,600.00. Following the sale, the insider owned 430,012 shares of the company’s stock, valued at approximately $56,817,485.56. This represents a 21.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,686,763 shares of company stock worth $475,858,262 in the last three months. 14.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Robinhood Markets by 24.9% during the 3rd quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock valued at $13,521,497,000 after purchasing an additional 18,824,923 shares during the last quarter. State Street Corp grew its position in Robinhood Markets by 103.2% during the third quarter. State Street Corp now owns 32,246,155 shares of the company’s stock valued at $4,617,004,000 after buying an additional 16,375,734 shares during the period. WCM Investment Management LLC increased its holdings in Robinhood Markets by 3,615.7% during the second quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock valued at $1,081,910,000 after buying an additional 11,244,182 shares during the last quarter. Norges Bank purchased a new stake in Robinhood Markets during the second quarter valued at approximately $973,122,000. Finally, Kingstone Capital Partners Texas LLC bought a new position in Robinhood Markets in the second quarter worth approximately $951,479,000. Institutional investors 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.