Robinhood Markets (NASDAQ:HOOD) Stock Rating Upgraded by JPMorgan Chase & Co.

Robinhood Markets (NASDAQ:HOOD) was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report issued on Tuesday, MarketBeat reports. The brokerage presently has a $43.00 price objective on the stock, up from their previous price objective of $20.00. JPMorgan Chase & Co.‘s target price points to a potential upside of 0.68% from the company’s current price.

A number of other brokerages also recently weighed in on HOOD. Barclays raised shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $26.00 to $49.00 in a report on Monday, December 9th. The Goldman Sachs Group raised shares of Robinhood Markets from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. Morgan Stanley upgraded Robinhood Markets from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $24.00 to $55.00 in a research note on Monday, November 25th. Citigroup upped their target price on Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, September 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.67.

Robinhood Markets Stock Performance

HOOD opened at $42.71 on Tuesday. The stock has a fifty day moving average of $35.82 and a 200-day moving average of $26.97. Robinhood Markets has a fifty-two week low of $10.38 and a fifty-two week high of $43.83. The company has a market capitalization of $37.75 billion, a P/E ratio of 72.39, a P/E/G ratio of 0.81 and a beta of 2.07.

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

Insider Buying and Selling at Robinhood Markets

In other news, Director Meyer Malka sold 1,535,681 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.11, for a total transaction of $61,596,164.91. Following the transaction, the director now owns 4,974,238 shares of the company’s stock, valued at $199,516,686.18. This represents a 23.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Baiju Bhatt sold 98,404 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $26.40, for a total value of $2,597,865.60. Following the transaction, the director now directly owns 2,521 shares in the company, valued at approximately $66,554.40. This trade represents a 97.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,373,675 shares of company stock valued at $125,319,092. 19.95% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently modified their holdings of the company. FMR LLC raised its holdings 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 last quarter. State Street Corp boosted its stake in Robinhood Markets by 8.7% during the 3rd quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after purchasing an additional 1,085,679 shares during the last quarter. Geode Capital Management LLC increased its holdings in Robinhood Markets by 19.5% during the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock worth $271,708,000 after purchasing an additional 1,895,427 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Robinhood Markets by 37.7% in the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock worth $173,770,000 after purchasing an additional 2,094,800 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Robinhood Markets by 33.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,581,465 shares of the company’s stock valued at $107,298,000 after purchasing an additional 1,137,677 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

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.