Robinhood Markets (NASDAQ:HOOD) Shares Up 2.9% – Here’s Why

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) traded up 2.9% during mid-day trading on Wednesday . The company traded as high as $55.50 and last traded at $54.86. 9,766,608 shares were traded during mid-day trading, a decline of 52% from the average session volume of 20,450,141 shares. The stock had previously closed at $53.34.

Analyst Upgrades and Downgrades

A number of brokerages have commented on HOOD. Deutsche Bank Aktiengesellschaft lifted their price target on Robinhood Markets from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Citigroup upped their target price on Robinhood Markets from $25.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and set a $52.00 price target (up from $40.00) on shares of Robinhood Markets in a research report on Monday, December 9th. The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $40.00 to $46.00 in a research note on Friday, December 6th. Finally, Barclays increased their price objective on shares of Robinhood Markets from $49.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.67.

Robinhood Markets Stock Performance

The company has a 50 day moving average of $44.16 and a 200 day moving average of $31.73. The stock has a market capitalization of $49.23 billion, a price-to-earnings ratio of 94.26, a P/E/G ratio of 0.73 and a beta of 2.13.

Insider Activity

In other news, Director Baiju Bhatt sold 90,866 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $55.34, for a total transaction of $5,028,524.44. Following the completion of the sale, the director now owns 5,042 shares in the company, valued at $279,024.28. This trade represents a 94.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven M. Quirk sold 19,861 shares of the stock in a transaction 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 owns 395,166 shares of the company’s stock, valued at approximately $14,834,531.64. This represents a 4.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,948,427 shares of company stock worth $165,005,244 over the last three months. Insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Toronto Dominion Bank increased its position in shares of Robinhood Markets by 31.1% during the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock valued at $1,602,000 after acquiring an additional 16,219 shares during the last quarter. Everence Capital Management Inc. purchased a new position in shares of Robinhood Markets during the 4th quarter worth approximately $634,000. Atomi Financial Group Inc. increased its holdings in Robinhood Markets by 20.7% in the 4th quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock valued at $20,154,000 after purchasing an additional 92,613 shares during the last quarter. Requisite Capital Management LLC purchased a new stake in Robinhood Markets in the fourth quarter valued at approximately $266,000. Finally, Baker Avenue Asset Management LP lifted its stake in Robinhood Markets by 77.9% during the third quarter. Baker Avenue Asset Management LP now owns 464,306 shares of the company’s stock worth $10,874,000 after purchasing an additional 203,354 shares in the last quarter. 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.