JPMorgan Chase & Co. Upgrades Robinhood Markets (NASDAQ:HOOD) to “Neutral”

Robinhood Markets (NASDAQ:HOOD) was upgraded by investment analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $43.00 price objective on the stock, up from their prior price objective of $20.00. JPMorgan Chase & Co.‘s price target indicates a potential upside of 5.37% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Piper Sandler raised their target price on Robinhood Markets from $36.00 to $42.00 and gave the company an “overweight” rating in a report on Monday, December 2nd. The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and raised their price objective for the company from $40.00 to $46.00 in a research note on Friday, December 6th. JMP Securities upped their target price on shares of Robinhood Markets from $33.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Tuesday, November 12th. Keefe, Bruyette & Woods lifted their price target on shares of Robinhood Markets from $24.00 to $38.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. Finally, KeyCorp upped their price target on Robinhood Markets from $30.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.67.

Robinhood Markets Stock Up 0.6 %

Shares of Robinhood Markets stock opened at $40.81 on Tuesday. The firm has a market cap of $36.08 billion, a price-to-earnings ratio of 69.17, a price-to-earnings-growth ratio of 0.81 and a beta of 2.07. Robinhood Markets has a 52-week low of $10.38 and a 52-week high of $43.83. The company’s 50-day simple moving average is $36.32 and its 200-day simple moving average is $27.20.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The business had revenue of $637.00 million for the quarter, compared to analyst estimates of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The business’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) EPS. Equities research analysts anticipate that Robinhood Markets will post 0.8 EPS for the current year.

Insider Buying and Selling

In related news, CTO Jeffrey Tsvi Pinner sold 5,876 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $42.64, for a total transaction of $250,552.64. Following the transaction, the chief technology officer now owns 5,876 shares of the company’s stock, valued at approximately $250,552.64. This represents a 50.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Meyer Malka sold 1,535,681 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.11, for a total transaction of $61,596,164.91. Following the completion of the sale, the director now directly owns 4,974,238 shares of the company’s stock, valued at $199,516,686.18. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,708,196 shares of company stock worth $138,845,043. 19.95% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Robinhood Markets

Several hedge funds have recently made changes to their positions in the business. FMR LLC lifted its position in Robinhood Markets by 31.3% during the third quarter. FMR LLC now owns 14,129,544 shares of the company’s stock worth $330,914,000 after buying an additional 3,368,118 shares during the period. State Street Corp lifted its holdings in shares of Robinhood Markets by 8.7% during the 3rd quarter. State Street Corp now owns 13,558,321 shares of the company’s stock worth $317,536,000 after acquiring an additional 1,085,679 shares during the period. Geode Capital Management LLC boosted its position 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 worth $271,708,000 after acquiring an additional 1,895,427 shares during the last quarter. Renaissance Technologies LLC grew its holdings in 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 period. Finally, Charles Schwab Investment Management Inc. increased its position in Robinhood Markets by 33.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,581,465 shares of the company’s stock worth $107,298,000 after purchasing an additional 1,137,677 shares during 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.