Robinhood Markets (NASDAQ:HOOD) Price Target Cut to $62.00 by Analysts at Needham & Company LLC

Robinhood Markets (NASDAQ:HOOD) had its target price dropped by research analysts at Needham & Company LLC from $70.00 to $62.00 in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 40.94% from the company’s current price.

A number of other analysts have also issued reports on HOOD. Morgan Stanley raised their target price on Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Citigroup boosted their target price on shares of Robinhood Markets from $45.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Compass Point started coverage on shares of Robinhood Markets in a research note on Wednesday, March 19th. They set a “buy” rating and a $61.00 target price for the company. Cantor Fitzgerald initiated coverage on shares of Robinhood Markets in a research report on Thursday, March 6th. They issued an “overweight” rating and a $69.00 price target on the stock. Finally, The Goldman Sachs Group raised shares of Robinhood Markets from a “neutral” rating to a “buy” rating and upped their price objective for the company from $40.00 to $46.00 in a research report on Friday, December 6th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.82.

Robinhood Markets Trading Down 1.7 %

NASDAQ HOOD opened at $43.99 on Friday. Robinhood Markets has a 1 year low of $13.98 and a 1 year high of $66.91. The company has a fifty day simple moving average of $49.29 and a 200 day simple moving average of $37.91. The company has a market cap of $38.95 billion, a P/E ratio of 28.02, a P/E/G ratio of 1.05 and a beta of 2.14.

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

Insider Buying and Selling

In other news, CEO Vladimir Tenev sold 750,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total transaction of $29,370,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven M. Quirk sold 123,272 shares of Robinhood Markets stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $55.80, for a total transaction of $6,878,577.60. Following the completion of the transaction, the insider now owns 298,826 shares of the company’s stock, valued at $16,674,490.80. This trade represents a 29.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,655 shares of company stock worth $143,072,448 in the last quarter. 19.95% of the stock is owned by corporate insiders.

Institutional Trading of Robinhood Markets

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Toronto Dominion Bank grew its holdings in Robinhood Markets by 31.1% during the 3rd quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after acquiring an additional 16,219 shares during the last quarter. IFP Advisors Inc lifted its position in Robinhood Markets by 601.1% during the 4th quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock valued at $164,000 after purchasing an additional 3,769 shares during the period. Everence Capital Management Inc. bought a new position in shares of Robinhood Markets in the 4th quarter valued at about $634,000. Charles Schwab Investment Management Inc. grew its position in shares of Robinhood Markets by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock worth $175,857,000 after buying an additional 138,267 shares during the period. Finally, Atomi Financial Group Inc. raised its stake in shares of Robinhood Markets by 20.7% during the fourth quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock worth $20,154,000 after buying an additional 92,613 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.