Robinhood Markets (NASDAQ:HOOD) Hits New 52-Week High – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on HOOD. Morgan Stanley raised their price objective on Robinhood Markets from $55.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and upped their price target for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Barclays increased their price target on shares of Robinhood Markets from $49.00 to $54.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, JPMorgan Chase & Co. raised Robinhood Markets from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $20.00 to $43.00 in a research report on Tuesday, January 7th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Robinhood Markets presently has an average rating of “Moderate Buy” and an average target price of $46.67.

Robinhood Markets Stock Up 0.7 %

The stock has a market cap of $49.74 billion, a P/E ratio of 95.37, a price-to-earnings-growth ratio of 0.73 and a beta of 2.13. The business has a 50 day moving average price of $43.87 and a two-hundred day moving average price of $31.51.

Insider Buying and Selling

In related news, CTO Jeffrey Tsvi Pinner sold 5,876 shares of Robinhood Markets stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $47.82, for a total transaction of $280,990.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $51.60, for a total transaction of $1,290,000.00. Following the completion of the sale, the insider now directly owns 706,642 shares in the company, valued at $36,462,727.20. This trade represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,857,561 shares of company stock worth $159,976,719. Corporate insiders own 19.95% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

Several hedge funds and other institutional investors have recently modified their holdings of HOOD. Allspring Global Investments Holdings LLC grew its position in Robinhood Markets by 1,211,858.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock valued at $89,410,000 after acquiring an additional 3,817,355 shares during the last quarter. Azora Capital LP purchased a new stake in shares of Robinhood Markets during the third quarter valued at $79,780,000. FMR LLC grew its holdings in shares of Robinhood Markets by 31.3% in the third 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 during the last quarter. Raymond James Financial Inc. purchased a new position in Robinhood Markets in the 4th quarter worth about $90,869,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Robinhood Markets by 486.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,788,666 shares of the company’s stock valued at $103,906,000 after buying an additional 2,313,213 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Company Profile

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.