JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Robinhood Markets (NASDAQ:HOOD) Stock

Robinhood Markets (NASDAQ:HOOD) had its price target lifted by investment analysts at JPMorgan Chase & Co. from $39.00 to $45.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 31.07% from the stock’s current price.

A number of other research firms also recently weighed in on HOOD. Sanford C. Bernstein lifted their price objective on Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Morgan Stanley lifted their target price on shares of Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a research note on Thursday. Barclays lifted their target price on shares of Robinhood Markets from $54.00 to $76.00 and gave the company an “overweight” rating in a research note on Thursday. Keefe, Bruyette & Woods lifted their target price on shares of Robinhood Markets from $24.00 to $38.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. Finally, The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their target price for the company from $40.00 to $46.00 in a research note on Friday, December 6th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.07.

Robinhood Markets Trading Up 2.3 %

NASDAQ HOOD opened at $65.28 on Thursday. The stock’s 50 day moving average is $45.45 and its two-hundred day moving average is $32.43. The company has a market capitalization of $57.71 billion, a price-to-earnings ratio of 110.65, a PEG ratio of 0.73 and a beta of 2.13. Robinhood Markets has a 1-year low of $13.04 and a 1-year high of $66.91.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. On average, analysts predict that Robinhood Markets will post 0.97 earnings per share for the current year.

Insiders Place Their Bets

In other Robinhood Markets news, Director Baiju Bhatt sold 90,866 shares of Robinhood Markets stock in a transaction 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 of the company’s stock, valued at approximately $279,024.28. The trade was a 94.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of Robinhood Markets stock in a transaction on 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 sale, the insider now directly owns 706,642 shares of the company’s stock, valued at $36,462,727.20. This represents a 3.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,948,427 shares of company stock valued at $165,005,244. Company insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC grew its holdings in shares of Robinhood Markets by 184.8% in the 4th quarter. FMR LLC now owns 40,237,478 shares of the company’s stock valued at $1,499,248,000 after buying an additional 26,107,934 shares during the period. State Street Corp grew its holdings in shares of Robinhood Markets by 8.7% in the 3rd quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after buying an additional 1,085,679 shares during the period. Geode Capital Management LLC grew its holdings in shares of Robinhood Markets by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock valued at $455,464,000 after buying an additional 555,299 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Robinhood Markets by 34.4% in the 4th quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company’s stock valued at $450,031,000 after buying an additional 3,091,514 shares during the period. Finally, Norges Bank acquired a new position in shares of Robinhood Markets in the 4th quarter valued at $329,598,000. 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.