Robinhood Markets (NASDAQ:HOOD) Hits New 52-Week High – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $40.05 and last traded at $38.91, with a volume of 4067640 shares trading hands. The stock had previously closed at $38.64.

Analyst Ratings Changes

HOOD has been the topic of several recent analyst reports. Needham & Company LLC raised shares of Robinhood Markets from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Monday, November 18th. The Goldman Sachs Group lifted their price objective on shares of Robinhood Markets from $25.00 to $40.00 and gave the stock a “neutral” rating in a research note on Monday. Sanford C. Bernstein lifted their price objective on shares of Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Keefe, Bruyette & Woods reduced their price objective on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Thursday, August 8th. Finally, Bank of America lifted their price objective on shares of Robinhood Markets from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.60.

Robinhood Markets Stock Up 1.8 %

The company has a market capitalization of $34.78 billion, a price-to-earnings ratio of 65.10, a P/E/G ratio of 0.87 and a beta of 2.09. The stock’s fifty day moving average price is $29.05 and its 200-day moving average price is $23.97.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The business had revenue of $637.00 million during the quarter, compared to analyst estimates of $660.53 million. During the same quarter last year, the business earned ($0.09) earnings per share. Robinhood Markets’s revenue for the quarter was up 36.4% on a year-over-year basis. Analysts anticipate that Robinhood Markets, Inc. will post 0.74 EPS for the current year.

Insider Activity

In related news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $22.88, for a total transaction of $5,720,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Meyer Malka sold 3,225,806 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the transaction, the director now owns 29,357,336 shares in the company, valued at approximately $735,988,413.52. The trade was a 9.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,442,910 shares of company stock worth $110,642,151 over the last ninety days. Insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Robinhood Markets by 1,211,858.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock valued at $89,410,000 after purchasing an additional 3,817,355 shares during the last quarter. Azora Capital LP acquired a new position in shares of Robinhood Markets in the third quarter valued at $79,780,000. FMR LLC increased 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 valued at $330,914,000 after purchasing an additional 3,368,118 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Robinhood Markets by 37.7% in the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock valued at $173,770,000 after purchasing an additional 2,094,800 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Robinhood Markets by 19.5% in the third quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock valued at $271,708,000 after purchasing an additional 1,895,427 shares during the last quarter. 93.27% of the stock is currently 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.