Citigroup Raises Robinhood Markets (NASDAQ:HOOD) Price Target to $60.00

Robinhood Markets (NASDAQ:HOOD) had its target price boosted by research analysts at Citigroup from $45.00 to $60.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential downside of 2.32% from the company’s previous close.

HOOD has been the subject of several other reports. The Goldman Sachs Group raised shares of Robinhood Markets from a “neutral” rating to a “buy” rating and increased their price objective for the company from $40.00 to $46.00 in a research report on Friday, December 6th. Raymond James started coverage on Robinhood Markets in a research note on Wednesday, February 5th. They set a “market perform” rating on the stock. Piper Sandler lifted their target price on Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday. Needham & Company LLC raised their price target on shares of Robinhood Markets from $52.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Barclays increased their price objective on shares of Robinhood Markets from $54.00 to $76.00 and gave the stock an “overweight” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $58.07.

Robinhood Markets Price Performance

NASDAQ HOOD traded up $5.51 during midday trading on Thursday, hitting $61.42. 49,224,613 shares of the company traded hands, compared to its average volume of 22,734,459. The company has a market cap of $54.30 billion, a PE ratio of 104.11, a price-to-earnings-growth ratio of 0.73 and a beta of 2.13. The company’s 50-day simple moving average is $44.48 and its 200-day simple moving average is $31.90. Robinhood Markets has a 52 week low of $12.77 and a 52 week high of $66.91.

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

Insider Transactions at Robinhood Markets

In other news, CTO Jeffrey Tsvi Pinner sold 5,876 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $37.92, for a total value of $222,817.92. Following the completion of the sale, the chief technology officer now owns 11,752 shares of the company’s stock, valued at $445,635.84. This represents a 33.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of Robinhood Markets stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $37.51, for a total transaction of $11,253,000.00. Following the sale, the insider now directly owns 806,955 shares in the company, valued at approximately $30,268,882.05. The trade was a 27.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,948,427 shares of company stock worth $165,005,244 in the last ninety days. Insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. New Wave Wealth Advisors LLC purchased a new stake in Robinhood Markets in the 4th quarter valued at about $26,000. Creative Financial Designs Inc. ADV grew its stake in shares of Robinhood Markets by 750.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock valued at $32,000 after buying an additional 750 shares in the last quarter. Silicon Valley Capital Partners purchased a new stake in shares of Robinhood Markets in the 4th quarter valued at $37,000. Bogart Wealth LLC acquired a new position in Robinhood Markets during the 4th quarter worth about $37,000. Finally, Spire Wealth Management boosted its holdings in Robinhood Markets by 104.6% during the 4th quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock valued at $40,000 after acquiring an additional 549 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

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.