Robinhood Markets (NASDAQ:HOOD) Shares Gap Up – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD) shares gapped up before the market opened on Wednesday . The stock had previously closed at $36.36, but opened at $38.99. Robinhood Markets shares last traded at $38.23, with a volume of 13,105,050 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on HOOD shares. Cantor Fitzgerald began coverage on shares of Robinhood Markets in a research note on Thursday, March 6th. They set an “overweight” rating and a $69.00 price target for the company. Citigroup raised their target price on Robinhood Markets from $45.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. JMP Securities lifted their target price on Robinhood Markets from $60.00 to $77.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. The Goldman Sachs Group raised Robinhood Markets from a “neutral” rating to a “buy” rating and increased their price target for the company from $40.00 to $46.00 in a research note on Friday, December 6th. Finally, Needham & Company LLC lifted their price objective on Robinhood Markets from $52.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Robinhood Markets presently has a consensus rating of “Moderate Buy” and an average price target of $61.31.

Robinhood Markets Stock Up 7.3 %

The stock has a market cap of $34.55 billion, a price-to-earnings ratio of 24.80, a PEG ratio of 1.05 and a beta of 2.14. The stock has a 50 day simple moving average of $48.96 and a 200 day simple moving average of $36.25.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. Equities analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Activity

In other news, CEO Vladimir Tenev sold 750,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total value of $29,370,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Baiju Bhatt sold 522,180 shares of the company’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $62.70, for a total value of $32,740,686.00. Following the sale, the director now owns 5,042 shares in the company, valued at approximately $316,133.40. This represents a 99.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,985,127 shares of company stock valued at $142,455,378 in the last three months. Company insiders own 19.95% of the company’s stock.

Institutional Trading of Robinhood Markets

Several institutional investors and hedge funds have recently bought and sold shares of HOOD. FMR LLC grew its position in Robinhood Markets by 184.8% during the fourth quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after buying an additional 26,107,934 shares in the last quarter. Norges Bank purchased a new position in shares of Robinhood Markets during the fourth quarter worth about $329,598,000. GQG Partners LLC purchased a new position in shares of Robinhood Markets during the fourth quarter worth about $302,325,000. Artisan Partners Limited Partnership purchased a new stake in Robinhood Markets in the fourth quarter valued at approximately $152,949,000. Finally, Price T Rowe Associates Inc. MD raised its stake in Robinhood Markets by 335.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company’s stock valued at $193,202,000 after purchasing an additional 3,994,745 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.